The Art of Jewellery_June Edition 2020

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52 INTERVIEW THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 We need to create an inspiring vision for Natural Diamonds David Kellie CEO, Natural Diamond Council David Kellie, CEO of the Natural Diamond Council in an exclusive interview with Sumesh Wadhera, Chief Editor, The Art of Jewellery shared his valuable insights about the rebranding of DPA to NDC and various other initiatives. We at AOJ would like to share this exciting Q&A session with our readers. AOJ: Recently there has been that we need to change. Although we will be continuing to do that. a rebranding, the Diamond the mission hasn't changed but we We will be coming out with a new Producers Association as a body is really need to take a step forward in advertising campaign, but we haven't now called the Natural Diamond terms of how we present ourselves shot it yet because of the coronavirus Council. So what was the idea or to a younger audience. The world of restrictions. We hope to do it in the objective behind this change, could luxury has changed so much in the next four to six weeks. you please share your thoughts… last decade, we have identified that we It is so important in today's world need to create an inspiring vision for to be present on digital medium, DAVID KELLIE: Yes, when I joined natural diamonds and to do that with 365 days of the year as we know that it was called the Diamond Producers a younger audience than previously people are buying jewellery every day Association back in December. we've been speaking to, digital of the year so it is critically important I joined from really outside the medium would play a major part in to have that presence, so the biggest industry, I had spent two years with it. So considering all that, we came single change is that we wanted to be the watches of Switzerland group in together on the path to say ok we need a publisher as well as an advertiser. the US and before that I was 15 years to present ourselves in a different way. As a part of our process, we figured with Ralph Lauren so I'm an unusual out who we are and what we want thing in this industry and someone AOJ: Going forward, what are the to be, we are not a product brand, who's come in from the outside. various activities which are lined up we are not a retailer so that gives us Obviously when you are coming from from the Natural Diamond Council the license to be a publisher and by outside, my first task was really to both in the B2B and B2C space? that I mean we can publish content just look at what we do, how we do every day of the year. We have a true it and are we speaking to consumers DAVID KELLIE: If I start with the independent vision as to what's going in the right way. With the support of B2C space, the big difference is that on in the jewellery industry and we the board and all of our leadership in the past we were an advertiser, we can celebrate all the amazing stories team, we came to the conclusion created campaigns, we advertised, we promoted our industry and



54 INTERVIEW THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 on the industry. As I said I came in I was blown away by the number of amazing stories about the from outside and I was blown away by product, about the collections, about innovation, about the the number of amazing stories about values of our industry that didn't have a platform to be told, the product, about the collections, so that is a huge change for us because instead of thinking about innovation, about the values specifically in campaigns and seasonality, we are thinking of our industry that didn't have a 24/7 365 days a year as to how we can maximize our visibility platform to be told, so that is a huge to consumers in everything we do. change for us because instead of thinking specifically in campaigns AOJ: Natural diamonds are the optimism, retail sales in China and seasonality, we are thinking 24/7 ultimate symbol of love and is doing well now and they have 365 days a year as to how we can luxury but given the period of recovered quickly. maximize our visibility to consumers Pandemic Covid-19, what kind in everything we do and that's at the of impact you have seen on the I have been also looking at a lot of very high end of what we call the diamond sales, what is the kind analysis in terms of Google search shopping funnel which is all about of the confidence level among the terms and it is to be noted that even driving the desirability, creating various supply chains, right from during the month of May, here in the that dream. It’s a pretty radical shift the mining to the manufacturers, US there was a big increase on people for us because we've had to change to the wholesalers and retailers, searching for diamond jewellery everything that we were doing six what kind of a confidence level so I think it is fair to say that the months ago, so we're very fortunate you are seeing right now? chances are there to look at a recovery to have a great team that has been DAVID KELLIE: It's a very difficult but there is a significant path to go very open to change, excited by the period as we all know this industry through in order to get there because change and so that's been a significant is going through a challenge just like there are the challenges of the supply difference for us. other industries that we probably chain and the challenges of consumer haven't seen before since the Great health. We have a lot of educational Depression so we are all living tools on our website for diamond through a very unique moment I am always the biggest optimist in our professionals, we have been thinking that has caused untold disruption. industry so I am really excited about of both B2B and the B2C and I hope We have millions of people in our the future of diamonds but I am also when people get the chance to visit industry and they themselves have cautious, understanding how big a www.naturaldiamonds.com, they will been impacted, the families have crisis we are in at this point in time. be really excited by what they find. been impacted, the communities have been impacted so it's a AOJ: India is one of the largest AOJ: So, will education be the devastating crisis that we are in and fastest growing markets key going forward to all your at the moment. It's an incredibly for diamonds so going forward, programs and initiatives? tough time but having said that what kind of role the Natural DAVID KELLIE: We all know that I do believe that we are looking Diamond Council will be playing to the consumer is spending more forward, it is the time to look promote jewellery sales in India? time in the digital environment forward with a bit of optimism DAVID KELLIE: Fortunately, I both on retailer platforms and other and even as launching the Natural was able to make two trips to India platforms to be educated. One big Diamond Council last week we also and met the team and many great area that we're looking is how we had a lot of discussions whether is people there. I think India is a great ourselves and our partners really it the right time to do this, where market, obviously gold is dominant work to upgrade the digital part of we are presenting what we believe in the marketplace but I see a real the education because that's again to be is very optimistic outlook opportunity for the Indian market. I in pretty much every market of the for the future, we know we are in a think that for a number of reasons, world. Our industry has been slower crisis and it's complete devastation I think culturally there is a very than our competitors to adopt into but there appears to be a bit of interesting dynamics amongst the digital space and that's where again we believe that we can really support this industry and move forward.

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56 INTERVIEW THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 consumers of blending traditional If we all work together and are aligned around the same cultures with new cultures like mission, we as partners can focus on the end goal which is to adopting some Western cultures drive consumer demand, I think it's a great industry and we etc. and I think diamonds can play have a wonderful product and great collections. We have just perfectly into everything we stand for, got to create the platform to speak to the consumer and with it is both about individuality as well that I think we all can look forward, once we come out of this as tradition. We have a great team, we crisis, there will be great times ahead of us. have great retail partners and we are doing everything in developing our demand and so we have had a huge AOJ: We would like to know about content in terms of educational tools amount of support not just kind words the budget, how much you plan to and generating a major campaign, saying you know we love the work but spend in promoting diamonds and we will be working with the partners actually people are telling us how can say for next quarter or a year, any there and we realize that there is a we partner with you, we agree with data or numbers you want to share? huge opportunity for us in India. you that the consumer is what's going to pull us out of this crisis and how DAVID KELLIE: We don't disclose AOJ: What is the kind of feedback can we support you, how can we help the actual numbers because we don't you are getting from your partners you so I feel very inspired. want media companies to know about this rebranding as the who we spend our money with, this Natural Diamond Council, we feel AOJ: Any message for the partners, industry is great at negotiation and that it is more direct and you can the diamond jewellery retailers and you don't show your hand when relate to the name, that it is a body the diamond industry in India? you are negotiating. What I would for the natural diamonds but we say is that because we were going would like to hear from you as DAVID KELLIE: I would like to say to relaunch this month, we had you speak to spectrum of people that we are setting out on this mission already planned our investments across the globe, what is the initial and we have a very clear mission as down in the first half of the year so feedback you have been receiving? to how we're going to do it and what in effect we have held back all of our DAVID KELLIE: Well, on my face we're going to do, partner with us in investment money from the first half feedback has been very generous any way that you want to and we can and we're going to spend it all in and very kind. Obviously, I do ask help particularly those people who the second half. The second thing I people for honest feedback and as are speaking directly to the consumer, would say is that we are very pleased long as it's constructive we can always so retailers to press to influencers by the support of our members, improve things but certainly all the we are here to help with the support they are also going through the feedback that I have seen - the press from everybody else. There are lots of same crisis along with everybody coverage, the personal messages has great stories about what we do, how else, they remain committed and been incredibly supportive and I we do it, so we have the best way to there has never been any discussion think the general message is that there describe about this industry. If we all about cutting budgets to be able is recognition of what needs to be work together and are aligned around to do what we need to do. If you done. We spend a lot of time talking the same mission, we as partners can are optimistic about the long-term about the issues but actually what I focus on the end goal which is to drive future and recognize to realize the found was that everyone is very much consumer demand, I think it's a great goals, we have to continue to invest aware of what needs to be done and industry and we have a wonderful now so I'm very fortunate to have they're in agreement of what needs product and great collections. We a very supportive board both from to be done and that is to focus on the have just got to create the platform to a financial perspective and from a consumer and because if consumer speak to the consumer and with that I strategic perspective so I think you demand grows many of the challenges think we all can look forward, once we know we can all believe in their in our industry go away so we have a come out of this crisis, there will be support throughout the future. unique mission in that and we are I great times ahead of us. think the only industry body that is specifically there to drive consumer

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58 INTERVIEW THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 “The Diamond Origin Report service will continue to be an area of focus, along with several digital transformation initiatives” Sriram Natarajan Managing Director of GIA India AOJ: In your new role as the GIA education to trade members, AOJ: Given the current Managing Director of GIA India, and extending GIA’s outreach to the what are the major initiatives you industry and beyond. circumstances of Covid-19 would like to take up for benefitting the Gem & Jewellery Industry? Consumers now, more than ever, have Pandemic, what are the Sriram Natarajan: I am excited at a heightened awareness of sustainably the challenges and opportunities and ethically sourced products. The steps taken by GIA to ensure that this new role will be presenting GIA Diamond Origin Service is a step me. It is a privilege to be succeeding forward in this direction. Using GIA’s safety of its people? Nirupa Bhatt, who has built a strong decades of research, the Diamond Sriram Natarajan: The current crisis foundation and put together a strong Origin Report service scientifically is unprecedented and has brought to leadership team. matches a polished diamond to the fore new sets of challenges that its original rough, confirming the the gem and jewellery industry – and As your readers might be aware, GIA’s country of origin information to a large extent the entire world – mission is to ensure public trust in provided by the miner. The Diamond was unprepared for. GIA responded gems and jewellery. So, our focus Origin Report service will continue to quickly to the lockdown by closing would be to continue building on be an area of focus, along with several most of our locations, to ensure the GIA’s mission by delivering accurate digital transformation initiatives that health and safety of our employees and consistent reports, offering GIA is working on. and clients. As we work to meet our clients’ needs, we have now reopened our grading laboratories – including Mumbai and Surat – as conditions and government authorities permit.

THE ART OF JEWELLERY GIA offers eLearning INTERVIEW 59 courses on diamonds, VOL 19 ISSUE 6 | JUNE 2020 coloured stones, aftermath of COVID-19 pandemic pearls and jewellery. is the single largest challenge. The To deal with the pandemic, we re- GIA has always been gem and jewellery industry has engineered our processes – from at the forefront of displayed resilience in the past. We employee pickup to drop and from gemmological education, are responding by staying focused and stone intake to return – to ensure and the eLearning agile. safety while delivering on client expectations. We continue to review GIA has been offering distance The Indian gem and jewellery our processes as the environment education – aimed at working industry plays a vital role in the around us changes and will make professionals – for many years. Our nation’s economy, contributing necessary improvements to remain distance education programmes to the GDP and foreign exchange safe and operational. Our controls allow students to study whenever reserves. Through our operations – in include orienting and refreshing and wherever they want, submit compliance with local government employees to the new practices; assignments and take exams online. regulations – we will support the implementing self-declaration and At present, GIA offers eLearning Indian diamond industry by providing validation of health status; screening courses on diamonds, coloured stones, trusted grading services within employees and visitors; creating pearls and jewellery. GIA has always shortest possible turnaround times. At awareness about and applying social been at the forefront of gemmological all times, our focus will be ensuring distancing, sanitation and hygiene, education, and the eLearning safety and health of all GIA India staff, amongst others. In addition to courses are just an extension of this. clients and visitors. these measures at the workplace, we Many in the industry have relied on maintain constant engagement with GIA’s rich eLearning materials and AOJ: Please brief whether the employees about their wellbeing, their Distance Education support to earn Covid-19 crisis has created concerns and responsibilities in the a prestigious GIA credential and more difficulties for GIA or new processes. advance their careers. you see it as an opportunity for taking major steps? GIA education operations in India In India, we have recently started Sriram Natarajan: The COVID-19 through its campus in Mumbai, Surat delivering Trade Education Webinars crisis is unlike anything GIA has location and classroom in New Delhi and have received positive response witnessed or experienced in its are currently closed. We will reopen from the trade members. We have nearly 90-year history. As an eternal after receiving directives from the also started conducting Retail Sales optimist, I believe that there is a silver respective state administrations. Associates Trainings through web- lining to every cloud. As an Institute, based meetings. This, too, has evoked this has given us an opportunity to AOJ: GIA has been organizing a positive response from retailers. We prioritise and focus on key initiatives. various webinars and it is gaining will continue to explore ways of using As individuals, we got a chance lot of popularity, do you think technology to further GIA’s mission. to reconnect with our loved ones. there is more opportunity for Throughout the lockdown period, online programs now especially AOJ: According to you what are GIA has remained connected with due to the lockdown? the main challenges for GIA now the trade and employees. We will Sriram Natarajan: In the last and how this can be managed? continue to build on our adaptability few weeks, GIA has been offering Sriram Natarajan: This is a difficult and resilience. I am confident that Knowledge Sessions on diverse period not just for GIA but for the when this is behind us we will emerge and pressing issues in gemmology. entire gem and jewellery industry. stronger and will be ready to meet the These webinars are presented by In the short term, weathering the requirements of our loyal clients with GIA’s pool of research and laboratory world-class education and industry- professionals. The delivery of these leading laboratory services. sessions creates accessibility regardless of geographical boundaries.

60 INTERVIEW THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 “NSE Gold Options have seen a good response and participation despite the lockdown” Ravi Varanasi Chief Business Development Officer, NSE AOJ: NSE has recently launched • Jeweller can pay a nominal charge/ Flexible mode of option contracts on spot gold premium not only to buy his exercising provided prices. How interesting is requirements, they can also hedge for both ‘In the this product for jewellers? the downside price risk/losses and money’ and ‘out of Ravi Varanasi: The Option contract yet participate in the upside profits money’ option holders on Spot gold prices is different from and on expiry, the the exiting product offerings in the • No Mark to Market for option jewellers can demand market space as it offers distinct buyers thereby reducing gold delivery from benefits to jewellers: operational workload NSE at its multiple delivery centers of • Differentiated and first of • Flexible mode of exercising Mumbai, Chennai its kind contract with final provided for both ‘In the money’ and Delhi apart settlement resulting in and ‘out of money’ option holders from Ahmedabad physical delivery of gold and on expiry, the jewellers can demand gold delivery from NSE regulations, high prices etc. A • Contract size of 100 grams at its multiple delivery centers jeweller can reduce the above designed to perfection to of Mumbai, Chennai and Delhi mentioned risk by using call cater to the needs of the apart from Ahmedabad jewellers community • Building Inventory: Jewellers • Contract design offers reduced typically increase their inventory cost of trading through of Gold jewellery at least 1-2 lesser Premium outflow and months before the start of the negligible CTT Monthly festival or wedding season. They contracts targeted at providing are exposed to risks such as lower a perfect period for hedging sales in the festival season due to various factors like Government

THE ART OF JEWELLERY INTERVIEW 61 VOL 19 ISSUE 6 | JUNE 2020 Despite, the fact that the months of June and July are traditionally lean months in the jewellery business. We do expect business to pick up sharply starting end July, which is the start of the festival season. options instead of actually buying added advantage of delivery AOJ: We understand that the physical Gold. The jeweller can happening every month physical delivery centres for unwind the Call option position gold options will be available in and buy physical gold for jewellery • Premiums to block or sell the Ahmedabad, Delhi, Mumbai and purpose 15 days before the start gold will be low due Chennai. Going forward when of the festival or wedding season. to contract size do you plan to introduce the delivery in other major cities? AOJ: Tell us about the features • Negligible impact of CTT of this particular product. How and other Government Ravi Varanasi: Jewellers can utilize different is it from similar taxes like Stamp duty the NSE commodities platform to not products already existing? only hedge their price risk but, also Ravi Varanasi: This is the first time AOJ: How has the response avail of the delivery facility centre in the history of Indian markets, been since its launch? being offered in Ahmedabad along that we have an options commodity Ravi Varanasi: NSE Gold Options with Additional delivery centres at contract resulting into Physical have seen a good response and Mumbai, Chennai and Delhi. We delivery of the underling metal. This participation since launch despite, would like to develop the delivery is one of the Key differentiators. the lockdown, which is evident from business at these centres before Some of the other distinct features the pickup in Volumes and Open exploring the feasibility to add other of our product vis-à-vis similar Interest on the NSE platform. This is major consumption centres as delivery products in the market are: despite, the fact that the months of centres across India. June and July are traditionally lean • Contract size is only 100 months in the jewellery business. We AOJ: Is NSE planning to launch grams making it affordable do expect business to pick up sharply silver options as well? to all classes of investors starting end July, which is the start of Ravi Varanasi: NSE is constantly the festival season. looking to launch products which • Monthly contract brings in an cater to the needs of the community.

62 Launch The Art of Jewellery Vol 19 Issue 6 | june 2020 Muliya Jewels launches live shopping from home Muliya jewels has customers some customer’s relative is in other state or abroad launched a brand-new in long run. then she can also join in to select some product. This feature for their customers Customer will give more selection and purchasing power to our so that they can do shopping can select customers. from their home during this products crucial time. In this one of a from their home and we will kind of shopping experience, deliver it to them. This will one can select the ornaments ensure a safe purchase for live from the comforts of their them.” home. He further added that there Keshava Prasad Muliya, CMD, are some other advantages also Muliya Jewels said, “we have with this feature as customer started this unique feature will get an opportunity to keeping current scenario in select product from all five mind but this will help our stores of Muliya Jewellers. If KJF contributes Rs. 2 lakh to CM’s Relief Fund Karnataka State Jewellers Federation (KJF) has pledged Rs 2 lakh to the Karnataka Chief Minister’s Relief Fund in combating the coronavirus. Apart from this, association has also taken various initiatives to support karigars during lockdown. G. Jayacharya, Chairman, KJF said, “we extend our humble contribution to the Chief Minister’s Fund to support the relief measures in fighting the pandemic.” The Karnataka State Jewellers Federation (KJF) is a state level body formed to represent the interests of jewellers of all the 30 districts of Karnataka and work towards the welfare of the entire jewellery fraternity. Federation has also liberally contributed to the PM relief fund and the State Chief Minister relief fund.

The Art of Jewellery Special feature 63 Vol 19 Issue 6 | june 2020 Located in the ‘it’ neighbourhood of Vittal Mallya Road in the heart of the city, all 3300 square feet of this boutique speak with a quiet eloquence of a love for fine jewellery, a deep appreciation of the handcrafted and bespoke, and above all a reverence for the sheer artistry that goes into the creation of each resplendent finished piece; a perfect union of design originality with age-old techniques of jewellery creation. “Zoya is a brand with its heart in India and an eye on the world”, says Business Head, Amanpreet Ahluwalia. “Zoya’s collections are inspired by myriad journeys, from the ones that take you across the world to the ones that help you discover your own feminine self. The creative process of each jewellery piece can take up to a year from the idea to bringing it alive, resulting in artistic masterpieces, each with its own story to tell. Having received a wonderful response from the North and West of India, we couldn’t have found a location for our Bangalore boutique that resonated more perfectly with the brand.” With customer safety and peace of many ways, is redefining the way fine jewellery is sold in India. The company has two mind paramount for the ateliers boutiques in Mumbai and one in Delhi and have been wanting to expand into South at Zoya, the brand has crafted a India for a while now, and Bangalore and Hyderabad have been on top of the list. meticulous protocol of #SafetyinEighty steps that is being implemented at all Zoya boutiques. This detailed, daily protocol addresses over 80 safety checkpoints and includes an hourly cleaning of the boutique as well as sanitization after each customer visit to ensure that everyone who walks into the boutique can do so with comfort and ease. Zoya is a luxury brand with select boutiques across India, that in

64 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 The Kundan of Bikaner Bikaner is a small Royals. Till today their name Hasli is a unique kundan stands synonymous with honesty, creation. Not all Karigars town in the state of Rajasthan that has authenticity, transparency and the best can make a Hasli says the world thronging at its doorsteps practices in the trade. Siddharth. for three unique things. For Siddharth, Kundan always evokes Of all the jewels in a 1. Jadau Kundan a sense of wonderment and awe and Kundan trousseau. Meenakari Jewellery the soul of Kundan craft carries the soul of a rustic mysticism that is rare Hasli needs more dexterity 2. Junagarh Fort and unique in today’s age of machine and is comparatively more made jewellery. challenging to make. 3. Namkeen. \" My Great Grandfather had 30 to 50 Hasli and Shuthkla are Jadau Kundan Meenakari handmade Kundan Karigars working under his very unique and exclusive. Jewellery craft is a 200 to 300 year direction. He imbibed the skill from To own one is like owing a legacy carrying down the finest his great ancestry and passed it down true piece of a legacy. secrets of Kundan Jewellery making. to his children and slowly it became a 80 percent of Kundan Jewellery well-established family business.\" that reaches out globally goes from Bikaner. Bikaner alone by heredity is home to approximately a chain of 3000 Kundan Craftsmen. Siddharth Soni of Siddharth Soni creations is a manufacturer from Sonar- u - Ka - Mohalla, a small place in Bikaner populated with almost 300 Kundan artisans who have since centuries reinvented and perfected the art of Jadau Kundan Meenakari Craft. Siddharth Soni is the fourth generation of an ancestry who has been specializing in making Kundan Jewellery for the Rajasthan

THE ART OF JEWELLERY Maang Tikka, Baaju Bandh, Bangadi. SPECIAL REPORT 65 VOL 19 ISSUE 6 | JUNE 2020 Haar - A long neck piece neckace and The gold on which the gem stones are Even a simple piece of a whole range of wedding essentials set- forms the face of the design and pure Kundan is rendered are offered. is set in 24 carat gold. The gold used and meant to look rich This is one of the key ingredients to in the back of the Kundan piece is 22 and robust on the wearer. our success and growing demand. carat. At the same time a pure Siddharth Sony designs have a Kundan work can also be growing edge with south Indian Every piece of Siddharth Soni very economical and fit all Markets for its authentic high-quality Creations carries product information. types of pockets. There are gold used in the crafting of jewellery. designs for every pocket The caratage of gold used in Kundan Kundan Jewellery uses a Combination without the depth of is high and within a single piece the of Gemstones and the diamonds used aesthetic being lost. gold purity differs depending on what are polki diamonds. the design dynamic demands. As a child Siddharth was inspired by (Polki is the scrap generated out while his grandfather. His honesty, passion cutting and polishing original, natural for Jadau Kundan Meenakari Craft diamonds. The scrap that is collected and his vision to sustain this timeless is termed Polki.) Polki diamonds are art all cast a spell in his young mind. used extensively in Jadau Kundan Jewellery, along with emeralds, rubies, At a very young age Siddharth trained pearls and sapphires. under 3 main mentors. Prakash Chandru Soni being one memorable Transparency, authenticity to mentor Siddharth holds gratitude the craft, innovation, open and towards. Siddharth Soni creations are discursive about the strengths and authentically rooted in tradition. The weaknesses of the craft is what brand specializes in bridal jewellery. makes Siddharth Soni Creations Our aim is to create outstanding and high in demand , rank high in unique pieces for weddings. customer satisfaction and are ideal to be passed down the generations Kundan has the language and as valued heirloom pieces. distinction to light up the bride and the whole wedding occasion The ingredients that typically go magnificently and spectacularly. into a pure Jadau Kundan Meenakari work are Polki diamonds, precious

66 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 'If we take a single Kundan Even the structure , Kundan in itself, the way it has piece one would be surprised patterns , the use of been conceived as a timeless to see within a single design gemstones, the colours craft, as a specialized genre are embedded countless design are harmoniously and rendered as a jewel form content. Kundan aesthetic has sheer rendered in such a subtle is extraordinarily unique. depth and prowess', says Soni. yet grand way that they deliver the ultimate collector or a simple customer would and semi-precious stones like rubies, statement whatever be comply with the one singular fact emeralds and Sapphires . the occasion- bridal, about Kundan. occasion wear, couture, A kundan design has carvings, formal or feisty millennial Kundan belongs to all times. Every era drawings enameling and embedding and modern tones and from bygones till now will find a deep of gemstones all rolled into one and shades, Kundan adds an relatedness with its simple and true to are spectacular by feel and look. element of magnificence life designs. and enhances the look Till date there is no machinery and feel. It is truly a jewel For any queries of exclusive available for creating a kundan Jewel. for all seasons and enjoys Jadau Kundan Meenakari It's purely handmade and born out of an universally appealing jewellery collections and the awareness, creative wisdom, visual design edge. prowess of expert craftsmen. range Siddharth Soni In a Kundan Jumka or Chandbali one creations can be reached on 'It is in the eye of the beholder. can discover 100 innovative designs within a design.' Mobile Kundan work draws inspiration from 9251111117 Nature's flora and fauna. A kundan jewellery connoisseur or E-mail [email protected]

The Art of Jewellery Special REPORT 67 Vol 19 Issue 6 | june 2020 Diamond Producers Association (DPA) rebrands itself with a new consumer-facing identity and digital platform called \"Only Natural Diamonds\" The world’s leading diamond Richa Singh, dedicate significant coverage as a producers launched the Natural Managing trusted educational hub providing all Diamond Council (NDC), formerly Director, India the facts needed when considering known as the Diamond Producers said, “Our buying diamond jewellery. Areas Association (DPA), in USA and endeavour of focus will include access to the Europe. The NDC will promote the is to create sustainability and ethical practices desirability of natural diamonds and the natural of the producers as well as buying support the integrity of the natural diamond dream in India by being both guides, all presented in a dynamic diamond jewellery industry. The NDC emotionally and culturally relevant. and engaging tone. The website offers will also reposition its consumer In India each piece of jewellery we insightful coverage under six key identity (formerly known as ‘Real is buy has strong meaning and emotions pillars connecting the natural diamond Rare, Real is a Diamond’) under the attached to it. Through our marketing world - ‘Epic Diamonds’, ‘Hollywood & brand name ‘Only Natural Diamonds’ initiatives we want to reinforce Pop Culture’, ‘Love & Diamonds,’ ‘Style (OND). As an industry authority, the legacy and heritage of natural & Innovation,’ ‘Diamonds 101’ and the NDC will continue to invest in diamonds, by inspiring and educating ‘Inside the Diamond World.’ advertising globally but will also consumers about the wonders of these become the go-to digital publisher glorious jewels and the for innovative content integrity of the diamond covering all that’s new industry, and we will and exciting in the achieve this with a industry. digital first strategy’’ ‘’The current economic climate In India, the focus is on the consumer “There is no task more important than creates unprecedented challenges platform. The change from the inspiring consumers with what we call for the luxury industry. But, as the previous campaigns under ‘Real is ‘the Diamond Dream,” said Stephen climate improves, natural diamonds Rare. Real is a Diamond’ is led by the Lussier, Chairman of the NDC. “Our will connect stronger than ever launch of a consumer-facing website mission is to educate consumers before. Consumers will have a greater www.onlynaturaldiamonds.in, and on the industry and positive social respect for all things natural and seek supported by a digital platform for contribution diamonds make to brands that have an honest mission retailers of natural diamond jewellery, the world today. Our members are to be truly sustainable. They’ll be www.naturaldiamondcouncil-access. committed to these goals and the purchasing luxury goods with a greater com. The portal offers retailers an launch of the NDC marks an exciting meaning, particularly those celebrating opportunity to become natural step on this path.” connections between friends and diamond ambassadors. Once they The NDC launch reflects the collective loved ones,” said Natural Diamond are confirmed as ambassadors, they commitment of its members, Council CEO, David Kellie. “We need will get unlimited, free access to ALROSA, De Beers, Dominion to speak to the younger audience in best-in-class marketing assets that Diamonds, Lucara Diamond, Petra a different way and we’re delighted to can be leveraged in-store and on Diamonds, Murowa Diamonds have brought in a number of partners digital platforms. The OND website, and Rio Tinto, to the growth of the that will contribute to the new world which will have a mix of Indian industry going beyond the current of natural diamonds we’re creating.” and international content, will also economic crisis.

68 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 Certain amendments will make Gold Metal Loan a robust financial product Gold Metal Loan (GML) is Several trade bodies necessary to obtain adequate margin a mechanism under which have recommended and collateral security to the bank a jewellery manufacturer some amendment to finance in view of the volatility of the borrows gold metal instead of the existing GML so gold prices all the time. rupees and settles the GML with the that it could be a win sale proceeds obtained. GML can situation for all the Current Scenario be availed for 180 days in case of parties attached to it domestic jewellery manufacturers and In November 2015, Prime Minister for 270 days in case of exports. to manufacture jewellery. The Loans Narendra Modi launched the Gold provided by banks for the domestic Monetisation Scheme (GMS) to The Gold Metal Loan facility was first jewellery manufacturers should not reduce import of the yellow metal put into place in 1998. It was abruptly exceed 90 days. Banks are required by increasing its recycling within suspended in May 2013, but has now to ensure end-use of gold loans to the country. But it has got a muted been reinstated. However, very few jewellery manufacturers and adhere response. A GML is a financial banks have reinstated this facility after to KYC guidelines. Further it is product used by banks to profitably it was stopped in 2013. The 2 or 3 lend the gold accumulated under the banks that have commenced the GML, GMS. It is also used by jewellers to have hiked their rates by over 200 meet their inventory requirements at a basis points even though international low interest rate of 3 to 4 per cent per gold lease rates have declined. How GML is sanctioned Banks that are nominated to import gold as per extant instructions of RBI, may extend Gold (Metal) Loans to domestic jewellery manufacturers, (who are not exporters of jewellery) for non-export purpose and also to the jewellery manufacturers and exporters. Gold (Metal) Loans can be sanctioned only to gold jewellers, who are themselves manufacturers of gold jewellery. The jewelers who have borrowed under GML scheme cannot sell the gold to any other party

THE ART OF JEWELLERY SPECIAL REPORT 69 VOL 19 ISSUE 6 | JUNE 2020 annum while the traditional inventory Making the GML suggested by bodies like FICCI would finance in rupee terms is available a robust financial result in a “win” situation for all at 12 to 14 per cent per annum. Yet, product is the key to concerned. despite the low interest rate, there are a successful GMS. For no takers for GML because of some this, it is imperative \"Making the disadvantages. Several trade bodies that the concerns of GML a robust have recommended some amendment all the stakeholders financial product to the existing GML so that it could -- banks, borrowers is the key to a be a win situation for all the parties and the Reserve Bank successful GMS. attached to it. of India, are evaluated For this, it is and addressed imperative that Recommendations by trade the concerns bodies for amendments jewellery manufacturing will reduce; of all the to the existing GML There will be a reduction in interest stakeholders -- banks, borrowers cost / outflow on foreign currency and the Reserve Bank of India, are Industry bodies have been pitching borrowings. evaluated and addressed,\" opines for certain changes to the GML Ajay Mehra, Managing Director, facility. FICCI (Federation of Indian With stable cost of bullion at Mehrasons Jewellers. Chambers of Commerce) has international interest rates, the G&J recommended that the RBI allow industry will be able to increase the He further said the coronavirus nominated Banks to provide Gold exports of higher ‘valued-added’ (COVID-19) pandemic is creating Metal Loan (GML) for a period of jewellery. With the interest cost of a frenzy in world markets and gold over 1 year. raw material available at international prices have shot up exorbitantly. rates, the domestic manufacturers Fluctuations are rife and each day The body has also recommended can be as competitive as the foreign brings a new shock in terms of market that banks should be made to charge manufacturers. With the elimination rates. lower interest rates, and work at of gold price risk, thequality of lower margins on the GML facility. credit risk of the Bank also increases Governments all over the world are (Even at 5%,Bankswillhave a very significantly. taking action to protect and bolster healthy interest margin of over their respective economies, and 450basispoints). With the availability of GML for attempting to protect local businesses smaller lots of up to 1 kg, the removal from failures. FICCI has also recommended of gold price risk and lower interest that GML should be available for cost, there will be reduced price \"Similarly, our policymakers need to smaller lots of up to 1 kg. If these advantage of gold sold through recognize the grave difficulty faced by recommendations put forth by ‘unofficial’ channels, and smuggling GML borrowers and take appropriate FICCI are implemented, there will will reduce as well. steps by issuing an ordinance undoubtedly be tremendous benefits prohibiting banks from making for the Government, banks as well as It’s obvious that GML in its current margin calls from GML borrowers,\" manufacturers, retailers and exporters avatar is not really working. However, said Mehra. \"Quick reprieve is the of jewellery. An extension of the tenor implementing these changes, as need of the hour and timely redressal of GML: Will postpone the outflow of will prevent needless creation of non- foreign exchange, thereby improving performing assets (NPAs) of otherwise the CAD; The import of gold for financially healthy borrowers,\" he said.

70 Special REPORT The Art of Jewellery Vol 19 Issue 6 | june 2020 The pandemic Covid-19 has affected the entire diamond supply chain, right from the mining to the retail. However with the decline in Covid-19 cases in important trading centres, the governments have begun to ease restrictions and companies have resumed operations. Let's take a look at the current situation in the major diamond trading hubs. India Compared to thousands of Covid-19 cases in late March and April, the city is currently recording around 300 to In India, the Covid-19 cases are growing fast in some areas. 500 additional coronavirus cases per day so there is a slow However in certain areas, things are under control. So, the decline. The New York City has entered phase one of its government is relaxing the restrictions in phases especially in reopening on June 8 and the government has asked its areas where the Covid-19 cases are declining. people to wear masks in public and keep six feet (around two The government has allowed cutting factories to reopen in meters) from each other. Surat with limited staff that is 50% in factories and 33% in It is expected that many wholesale and manufacturing offices. Also, the companies in Mumbai have been allowed businesses may restart operations, and the jewellers and to bring 10% of their staff members into offices in the Bharat other retailers will be able to deliver products and also Diamond Bourse to handle exports. However, around arrange in-store pickup. The Diamond Dealers Club also eight polishing units in Surat have partially shut after 20 to reopened on June 9, with fewer tables and with members 23 workers were tested positive for Covid-19. Production wearing masks. Retail and dealer demand remains low at the remains low, with a voluntary freeze on rough imports in moment. place for the month of June. Exports are also limited. Antwerp New York

The Art of Jewellery Special REPORT 71 Vol 19 Issue 6 | june 2020 It has been found that the Covid-19 cases in Belgium reporting approximately 500 new cases per day. Currently, is slowly reducing, with around 100 new cases per day all government employees have resumed work by following compared to the large number of cases reported during proper guidelines. The authorities have gradually eased other March and April. The nation has entered phase three of its lockdown measures. reopening on June 8 where various restrictions have been The Dubai Diamond Exchange which is a part of the eased. The business sector has been operational since May government-controlled Dubai Multi Commodities Centre 4, though the government has been recommending remote- (DMCC) has reopened in accordance with the new working wherever possible. safety rules. The Diamond industry reopened on May 4 by following all Hong Kong the guidelines, the trading floors started operations by May 11. The market is still slow, with some specific demand from the US and Hong Kong. Israel Israel has seen a spike in new Covid-19 cases in recently after It has been reported that the daily new Covid-19 cases appearing to have removed the virus. It has been reported have reduced drastically in Hong Kong and it has very few that the latest outbreak is largely centered on few areas of Covid-19 cases now compared to other important diamond Tel Aviv. The government has steadily been relaxing its centres. The government recently lifted the maximum restrictions since April, but many firms had to be shut due gathering size to 50 people from eight. Arrivals from to the recent outbreak. People have been asked to follow overseas must still follow the 14-day quarantine with limited guidelines, must wear masks in public and keep a distance of exemptions. two meters. The Hong Kong city was the first main trading centre to resume activities. It received some of the first shipments of goods when The Israel Diamond Exchange gradually reintroduced its core Indian manufacturing restarted. Signs of a strong recovery in services throughout May, with the trading floor reopening Chinese demand helped the city as it is an important cargo port on May 24. But the hall shut briefly last week after a member for onward exports to the mainland. However, the lack of tourism was tested positive for the coronavirus. Then it was reopened in Hong Kong is still hampering the local luxury spending. again with health provisions in place. Dealers are hopeful of receiving business due to pent-up demand from the US and China, but at the moment the orders are limited. Dubai Covid-19 cased in the United Arab Emirates appears to have passed its worst scenario, though the country is still

72 Special REPORT The Art of Jewellery Vol 19 Issue 6 | june 2020 With a focus on improving India’s Sharing rate from 5 per cent to 7 per cent to manufacturing capabilities, the his views, protect the trade and forex (foreign government has identified the sectors Ajay Sahai, exchange) earning of the country including leather, gem and jewellery, Federation of and for business fraternity to be renewable energy, pharmaceuticals and Indian Export competitive against other suppliers in textiles where investors can contribute Organisations the international market. and promote manufacturing. (FIEO) Director Another industry expert said that The Gem and Jewellery industry General there is a need for implementation of has presented suggestions such as said that the a risk management system in precious setting up of common facility centres industry holds huge potential to cargo customs clearance centre, and facilitating shipments through boost manufacturing and exports and Mumbai, to ensure ease of doing e-commerce, the government is suggestions have been made to the exports and imports. He added that considering these solutions to improve commerce ministry to further push they have also asked for facilitating the manufacturing and exports of the the growth of the sector. setting up of more common facility industry. A suggestion for extension centres (CFCs) and mega CFCs to of the interest subvention scheme has He stated that for further easing enable MSMEs (micro, small and also been placed as this can provide a the working capital financing, medium enterprises) to use capital- level-playing field to foreign mining manufacturers and exporters should be intensive modern technology. companies, which can encourage permitted to import loose diamonds them to start sales/auction of rough without duty and SEZ (special diamonds at special notified zones. economic zones) manufacturers should be permitted to sell loose It is to be diamonds and jewellery from SEZ noted that to the domestic market without any the total gem duties and taxes to contain slowdown. and jewellery exports during With regard to subvention rate, Ajay 2019-20 dipped Sahai informed that the industry has 8.91 per cent to asked for increasing the subvention Rs 2,51,096.30 crore from Rs 2,75,671.80 crore in 2018-19. Speaking about the current scenario, Colin Shah, Vice-Chairman, Gems and Jewellery Export Promotion Council (GJEPC) has stated that given the potential, the industry needs urgent government attention and a special package to handhold exporters in these difficult times besides reviving sentiments.

The Art of Jewellery Special REPORT 73 Vol 19 Issue 6 | june 2020 The Centre, in November 2019 would hit more hard due to Covid-19 It is highly likely that they will be left had announced that hallmarking lockdown as a customer would buy with jewellery with no hallmarking. of gold jewellery would be made more of essential items and not luxury We shall earnestly urge the Centre to mandatory across the country from goods. extend the deadline to do away with January 15, 2021. The government Therefore, looking at the current jewellery without hallmarking for had given jewellers more than a year scenario and understanding the another six months till July 2021,” said to shift to hallmarking and register circumstances, the India Bullion and Shaankar Sen, Vice Chairman, All themselves with the Bureau of Indian Jewellers Association urged that the India Gem and Jewellery Domestic Standards (BIS), and they would order of mandatory hallmarking is Council and CMD, Senco Gold and be allowed to sell only hallmarked further extended from 15/1/2020 Diamonds. jewellery made of 14, 18 and 22-carat to 1/1/2022 so that the jewellers get Also Pankaj Parekh, a veteran in gold. ample time to liquidate their inventory the jewellery industry, said there The grace period of one year was which are not in line with hallmarking are purity benchmarks for jewellery granted through the Center’s order law. which are prevalent in many states and dated 15/1/2020 so the jewellers can “Due to the lockdown, jewellers have not falling under the three proposed either sell or melt their inventory lost almost three months for sales and standards. which does not fit as per mandatory operations. It will take another 3-4 The hallmarking service providers also hallmarking laws. The period of one months before sales get back on track. support the extension of the deadline. year was gracefully accepted by the About 40 per cent of the gold jewellery industry. in the industry is not hallmarked. However, due to Covid-19 entire “The retail sales of gold jewellery have gems and jewellery sector had to been hit severely in the last two-and-a- remain in lockdown for almost two half months and the season is lost. No months. This lockdown had severely one knows what will happen in the next affected the gold jewellery business six months. We will also recommend and the business is not likely to resume the government to extend the deadline,” normally for another six-month time. said Uday Shinde, President, Indian Gold jewellery being luxury item, Association of Hallmarking Centres.

74 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 Jewellery Market Scenario Post Lockdown Post lockdown, jewellers have native places. In such a scenario, their recovery in terms of good sales. reopened their showrooms with where manufacturing of new jewellery So, most Jewellers are expecting to hopes of reviving the sales and getting would be a challenge, many jewellers see a pent-up demand for wedding back to normal. Since safety of the are planning to offer higher salary to jewellery in the days to come. customers and staff has become the karigars for jewellery making so that priority now, all jewellers are taking they can meet the expected jewllery Sharing his views, precautionary measures to provide a demand during popular festivals like Saiyam Mehra, safe shopping experience. Apart from Dussehra and Diwali. Director, Unique the use of sanitizers and masks, in Chains Pvt Ltd some areas such as Mumbai where Pent-up Demand for said, \"We have there are congested shops – jewellers almost reached are opening shops in odd-even days, Wedding Jewellery 70-80 % sales that is shops on each side of a street of the pre Covid levels and are able will open on alternative days. This is Due to Covid-19 restrictions in to cater to our clients across India. to ensure social distancing and safety terms of number of people attending Our manufacturing operations are of customers. The expectations for an event and the inability to travel also slowly and steadily picking up. jewellery sales are very high as many has resulted in the cancellation of We hope the entire supply chain will industry experts feel that the pent- many weddings. Post lockdown, the be back to normal in the next two up demand of consumers will help weddings which were postponed months.\" in recovering the jewellery industry. will happen and it is definitely an We at AOJ would like to discuss the opportunity for jewellers to make various possibilities in the jewellery market scenario post the lockdown. Bringing Back Karigars and Manufacturing New Jewellery Post lockdown, the main issue would be to bring back the skilled artisans who have already moved to their

THE ART OF JEWELLERY SPECIAL REPORT 75 VOL 19 ISSUE 6 | JUNE 2020 Earlier while speaking about jewellery “Now, consumers would visit stores opened their showrooms on odd-even sales, Somasundaram P R, Managing to sell their old ornaments for cash. days. When more jewellery stores While farmers would use the cash to are reopened, it will eventually help Director, World buy seeds and fertilizers for kharif in improving the gold and jewellery Gold Council sowing, urban consumers would use business across the value chain and (India) had said, cash for credit card payments, school gain momentum. “Gold jewellery fees etc. The market will see some sales are going selling pressure.” Sharing his to see a dynamic views, Rajiv change once Rise in Scheme-Related Popley, Director, the lockdown ends. Sales are going Jewellery Sales Popley & Sons, to come back, with gold being the Mumbai said, preferred choice of asset handed over In order to help the customers and to “We can see at a wedding. But, it will take several sustain the jewellery demand, many redemptions years to bring back jewellery sales to jewellers have introduced various held up due to the nationwide pre-Covid levels”. schemes. Most Jewellers are trying to lockdown making a comeback. Along bring in new demand by using their with old gold exchange, consumers Selling of Old monthly schemes where immediate normally buy ornaments with Jewellery for Cash liquidity for whole purchase in not additional grammage of new gold. needed. This provides the much So, we estimate demand for new gold Most retailers feel that the initial needed flexibility for customers and despite a lean buying season”. business transactions will be for selling will encourage them to purchase old jewellery to have an easy access more. So, exchange and scheme- Emphasizing on the jewellery buying related jewellery sales will dominate scenario, Surendra Mehta, National to cash. Since Covid-19 induced the business post lockdown. Secretary, India Bullion and Jewellers lockdown has affected every other Association (IBJA) said, “There will business and many livelihoods, many With More Reopened be no downside in jewellery buying at people are depended on jewellery to Stores, Business Will this level. There will be recovery going get out of the financial crisis. Gain Momentum across forward even during the current lean the Value Chain season as supply from the key Mumbai Sharing his views market will start the ball rolling across on the current Many jewellery stores in the green all jewellery value chain”. scenario, Kumar zones (No Covid-19 cases) across Jain, Director the country have reopened and of Umedmal many others are planning to resume Tilokchand operations. Even jewellery stores Zaveri said, in the worst affected Mumbai have

76 Special REPORT The Art of Jewellery Vol 19 Issue 6 | june 2020 The Gem and Jewellery Export – 2015 when Vipul Shah, served as Panel and Badrinarayanan Gupta in Promotion Council (GJEPC), the Chairman of GJEPC for the same Sales to Foreign Tourist Panel. announced the appointment of Colin period. Commenting on the appointment Shah as the Chairman of GJEPC. Colin The other key appointments in the Colin Shah, Chairman,GJEPC said, Shah will take charge as Chairman CoA for the term 2020-22 based on the “The new term at GJEPC starts from the outgoing Chairman Pramod elections held include : Ashok Gajera amidst acute uncertainties due to the Kumar Agrawal. Also, Vipul Shah has (Regional Chairman-West), Prakash ongoing COVID 19 crisis in India and been elected and appointed as the Vice Pincha (Regional Chairman-East), world over. It demand a paradigm Chairman of GJEPC. Nirmal Bardiya (Regional Chairman- shift for the industry. The Council is The new management will take charge Rajasthan), Dinesh Navadiya (Regional focusing towards recalibrating itself by from 23rd of June 2020 and will have a Chairman-Gujarat), Mahender Tayal digitalisation across verticals, exploring tenure of two years till 2022. Both the (Regional Chairman-South), Ashok Seth new ways of reaching customers and gems and jewellery industry captains (Regional Chairman-North); Sanjay unconventional ways of creating demand have a successful track record. Colin Shah, Dilip Shah, Milan Chokshi, Russell for gems and Jewellery. We are fortunate Shah being the current Vice Chairman Mehta, Sanju Kothari, Chirag Lakhi, to have a very strong team representing of GJEPC takes over after completion Anil Virani, Manish Jiwani in Diamond every segment of our industry. We are of the term of the previous Chairman Panel; Shailesh Sangani, K Srinivasan, confident that we all will work closely Pramod Agrawal, Vipul Shah has been Mansukh Kothari, Suvankar Sen in with the industry and the government, elected unanimously by the gems and Gold Jewelry and other Precious Metals especially the Ministry of Commerce jewellery export members. Prior to this Jewellery Panel; Mahendra Agarwal and and Industry, to give Indian gems and appointment, Colin Shah has served Vijay Kedia in Colored Gem Stones and jewellery market a competitive edge in as member of CoA for the period 2012 Pearls Panel; Ram Babu Gupta in Silver the world market.”

The Art of Jewellery Special REPORT 77 Vol 19 Issue 6 | june 2020 The other key appointments includes Regional Chairman and Panel Members Ashok Seth Prakash Chandra Pincha Mahender Tayal Northern Region Eastern Region (Uncontested) Southern Region (Uncontested) Ashokbhai Gajera Dineshbai Navadiya Nirmal Kumar Bardiya Western Region Gujarat Region,(Uncontested) Rajasthan Region (Uncontested) Gold Jewellery Panel and other Gold Jewellery Panel and other Synthetic Stones/Costume Precious Metal Jewellery Panel (SEZ Precious Metal Jewellery Panel Fashion Jewellery and Sales to Category) - SuvaSuvankar Sen Shailesh H. Sangani Foreign Tourist Panel (Uncontested) Badri Narayanan Gupta (Uncontested) Silver Jewellery Panel Coloured Gemstones Panel Ram Babu Gupta and Pearls Panel Mahendra Agarwal

78 Special REPORT The Art of Jewellery Vol 19 Issue 6 | june 2020 C. Krishniah Chetty Group of Jewellers will stop Chinese Pearls from their offerings Bengaluru’s 150-year old jewellery jewellery industry”, feels Dr C Vinod and political reasons. C Krishniah brand, C Krishniah Chetty Group Hayagriv, MD and Director of the Chetty Group of Jewellers is adding of Jewellers has taken a definitive 150-year-old jewellery group. more strength to its own production step to stop offering cultured pearls Origin disclosures have been taken of jewellery and focusing on training which are suspected to originate from seriously in the last decade by the artisans more vigorously. China, in their jewellery. China has company and it is important jewellers In a strong statement, Chaitanya V. dramatically increased production ensure origin tracking of the more Cotha, Director C Krishniah Chetty of freshwater pearls and has been expensive gems. Both for environment Group said, “In its quest the government cultivating pearls surpassing Japan should discourage Chinese imports and in quantity over the last decade. C. make efforts to strengthen the Indian Krishniah Chetty gemologists will industry.” only stop procurement and use of Chaitanya further added that, “Although Chinese origin pearls, and instead will C Krishniah Chetty Group of Jewellers use either Japanese or Venezuelan or has been using man cultured Chinese Indian pearls in their jewellery. pearls which are not natural, these were “Although Chinese pearls are much always considered inferior to pearls cheaper and plentiful, the import cultured in Japan. Hence we are happy duties must be increased to make it not to use pearls of Chinese origin.” unprofitable and to discourage these imports. With the sinister possibility of China being squarely behind the global pandemic, we profess a total ban on use of Chinese Gems by Indian Spark Your Ignition and be ready to make a mark -India Unlock 1.0 Our government protected us government that its right decision and for more than two months by we need to bounce back in our business keeping us under lockdown and saved with precautionary measures and at the millions of lives, but now everyone same time none of us should get infected realised it that this disease is not going by our caarelessness and increase the to go until vaccine is made, and we cases as now we cannot afford to have all need to live with it and have to another lockdown. Hence, I wish everyone change our lifestyle and increase our good luck and I am sure we will bring immunity to protect ourselves. Now, it our business back to normal and help has become important to think about contribute to our economy and manage economy and business otherwise this disease very well. consequesnces can be much worse, hence Unlock 1.0 has been introduced. Rajendra Jain We have got a big opportunity due to this unlocking and need to prove Managing Director, India Swarovski Gemstones

THE ART OF JEWELLERY SPECIAL REPORT 79 VOL 19 ISSUE 6 | JUNE 2020 Forevermark Diamonds stand by its commitment to protect the environment and wildlife this Environment Day Forevermark, the diamond brand from the De Beers Group believes what they do every day builds a lifetime of moments that will build your Forever. On International Environment Day, Forevermark reiterates their commitment to protect wildlife and keeping responsible sourcing at the very centre of their business to build a beautiful tomorrow. At the heart of a Forevermark The elephant conservation natural diamond lies a continuing programme at the Venetia Limpopo diamonds are commitment to integrity. Nature Reserve in South Africa has sourced. A Forevermark’s promise of beautiful, been so successful that the number Forevermark rare and responsibly sourced of elephants now exceeds the park’s diamond is diamonds goes a lot deeper than carrying capacity. DeBeers’s is a lifelong just ensuring the diamonds are therefore moving 200 elephants more reflection of conflict free. It ensures that through than 1,000 miles to Mozambique, the beauty, the journey from rough to polish where there is a need for re- perfection specific care has been taken to ensure population. Sachin Jain and infinite responsible business practices. variety of Forevermark is committed to the De Beers Group is running a ground- President, preservation and protection of breaking, multimillion-dollar Forevermark India habitats, their species and the wider research programme focused on using natural world. kimberlite rock to capture carbon nature. Both diamonds and wildlife Respect and love for nature are deeply dioxide from the atmosphere and share the concept of forever, and embedded at the core of the brands establish a carbonneutral mine. this concept depends on what we do ethos. Forevermark is committed to today to make sure we have a future, the protection of the environment 83 per cent of the water used for which is indeed forever. Our business with their numerous initiatives diamond mining by De Beers Group is based on recovering nature and that run deep connection between and other natural diamond companies treasuring these successes.” said diamonds and the earth. is recycled. Sachin Jain, President, Forevermark For every hectare of land affected India. by the Group’s mining activity, 6 “Every day Forevermark and the De hectares are set aside for conservation, Beers Group commits to protecting One can feel proud to own and equating to approximately 200,000 the natural world and positively wear a Forevermark diamond, not hectares, 2.5 times the area of New impacting the countries where our only because of what it symbolises York City. for oneself, but also because of the benefits it brings to nature and wildlife across the world.

THE ART OF JEWELLERY designs, she informs that, “We are SPECIAL REPORT 81 VOL 19 ISSUE 6 | JUNE 2020 planning to look at a strong presence in the space of digital and online Informing about how Anand is that flowers have an instantaneous jewellery design and shopping, in approaching his clients to showcase impact on our happiness, thus a theme both high-end besoke jewellery and new designs he says, “Since the worth exploring.” everydaywear\". work operations are currently at a halt, we haven’t been able to cater to Based on the above line Pallavi is New accessories to customers on a full fledged basis but working on expanding the Indian change world we do have demand for our existing Rose collection, into a couture collections and we are working it out wedding line, which is inspired by the Briefing on the new trends Pallavi accordingly.” paintings of roses in the palaces of says, “As new accessories are needed Bikaner. In one of her visits to Bikaner for the changing world. Some of Further informing on the business she had spent a lot of time sketching my few design directions including, plan Anand believes that this is very her version of the roses, inspired by Appreciation of the gifts of Nature, new for everyone and we are yet to what she saw in the paintings. Today The Evil Eye collection Angels figure out the new normaly. “We are as she works on detailing the wedding collection, The Wear Your Prayer’ hoping for our regular operations to jewellery line out, she is noticing that collection saw a new popularity and resume so that we can work on new she is spending more time on every could possibly be seen and become collections for the future,” he adds. single detail, including the colour more popular as we go through this grading of minakari (enamel) that transformation, because of our new Huge demand for light she is working on closely with the reality. weight jewellery craftsmen, blending the carved rubies “Currently there is a huge demand Nature has always for light weight jewellery and this will been an inspiration persist in the coming years as well. Besides this, traditional jewellery can In Anand Shah, Owner, never go out of style especially for any specail occasions,” informs Anand. Anand Shah Jewels case it has always been Sketching on Intimate nature and lately he has Gift collections been getting to spend more time with nature and that is During lockdown where he draws his inspiration from. period Sonali Seth, Creative Director and Partner, Sphere Jewellery is trying to come up with intimate Gift collections that can be customised to people’s preferences. She is also going to and shapes of uncut diamonds, into innovative and iconic motifs. Further informing about her plan to reach out to the masses with latest

80 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 How Jewellery designers are making the most of lockdown Jewellery designing is a key to make jewelleries look attractive and beautiful and for that every jewellery designer is on his toes in search of new designs and its inspirations. Today travelling in search of design inspiration is not possible due to lockdown but designers definitley sit home and can take an advantage to travel in thier mind, travel in their imagination, get inspired by the visions and things that are arround. This article will describe about how jewellery designers are utilising their lockdown period and sketching down their imagination into a beautiful designs. Working on few designs Further adding on work scenario he Creating trends will said, \"Will be taking all the safety bring originality based on current situation precautions as we have a huge factory we can't work from home will have Sharing his views on what jewellery For Laksh Pahuja, to educate our artisans on safety will be trending further he points out, guidelines.\" \"Do Cartier, Bvlgari or any luxury Director, Gemma brand follows trends?. He adds, \"No, so as a designer you should always Designer Jewels Jewel create Trends then Follow as it brings Virtuoso design and creativity and originality in your creativity is beyond work.\" jewellery. Informing about how is he working on designs during Indian Rose collection- A lockdown he says, \"I  have kept my theme worth exploring self very positive in creativity and I have worked on few designs based “Now that we are in a lockdown and on current situations for eg, Corona, are spending all our time at home, the India-China dispute, and Nepotism in longing to experience the magic of film industry. mother nature is becoming stronger,” Briefing on his plans to reach out says Pallavi Foley, masses with latest designs amid lockdown he says, \"My designs are Owner and Designer, for classes and I have designed few for celebrities personalised jewellery Pallavi Foley Boutique which has a stamp of Laksh Pahuja.\" Jewels. She adds, “Studies have shown

82 SPECIAL REPORT Renewed interest in THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 launch a new line of silver accessories diamond solitaires - but it won’t be plated as gold look Kreazione Boutique. alike - it will be sold for its own beauty “Jewellery to be given as gifts with in silver. sentimental value will probably When asked amid lockdown how is work the best any new indigenous she planning to reach out masses with Briefing about her preparations concept that strikes a chord with the latest designs and further plan for showcase her designs to the clients she emotions of the buyer. Also I see a business Kriti explains, “Paying more informs, “We are not only updating renewed interest in diamond solitaires attention through social media. This our existing website but we have - 50cents and above as people would platform has a demographic appeal. become more active on instagram want to buy less often  but buy quality Rest understanding the taste of my and Facebook, plus we are trying products,” says Sonali. clients and providing them exclusive to collaborate with key people and options, gives the space to a journey distributors to help us reach out to Attention to motifs which they embark upon and tells a their audience.” Jewellery designer Kriti Garg says story with the customised piece.” Further adding on business plans she that during lockdown sketching says, “We use a lot of manual labour as designs is the new way out. Earlier She adds, “In Kriti Kreazione our jewellery is majority handcrafted - on her every journey she paid a lot of Boutique we are working foremost hence we are not looking at work from attention to motif 's, which different to build a rappo with my customers home model. We are Going to work culture, countries or places depicted where I can understand their unique with Work safely model. We strongly through their architecture. “So taste. In this digital age we are staying believe in preserving our craft and with all motifs and my collection of more connected.” artisan talent and hence we will be gemstones, I worked on new styles doing our work in the traditional Coloured gemstones way ofcourse marketing and sales and converted them on the brighter side can be done online and offline - but into exclusive jewellery As per Kriti colored gemstones are production needs to be real can’t be sketches,” said Kriti making quite a trend on the brighter virtual.” side. More than ruby, emerald, Garg, Co-Founder and and sapphire people want other color defining jewellery which is Chief Designer, Kriti adventurous for them eg tourmaline, rhodochrosite also animal motifs are making quite a news. Additionally, age

THE ART OF JEWELLERY online selling , FaceTime selling , by SPECIAL REPORT 83 VOL 19 ISSUE 6 | JUNE 2020 appointments will be the important aspects of jewellery business. Selling We recently launched our collection group between 25-40 are spending a over online platforms catering to the on Peacocks, as a symbol of a new lot on handmade Silver Polki. segment, and eshop over social media beginning and eternal life.” is the future forward.” ‘Splash of Colours’ Additing upon reaching masses with As a designer Shweta Era of Statement Jewellery designs and business plans she says, Pathak, Brand Owner, trending in times ahead “We have been receiving enquiries Aakarshan Gems and and queries even during the lockdown Jewellery mostly play Pathak believes that individualistic, period, and been showcasing the around with gemstones unique, expressive, depicting designs and jewellery pieces either in her collection. She emotions and adding colours would virtually or on one-on-one sessions. be an era of statement jewellery, believes that in lockdown colours people would like to boost of their self From the business point of view would be playing important roles, esteem. virtual meetings, personalised sessions as her current theme of work is also etc, is a part of the new normal in ‘Splash of Colours’. She explains, Peacocks, as a symbol of a the industry and Archana is glad “As after living lockdown for three- new beginning and eternal life to have adapted to it. Archana also months, we are almost in the middle launch of our new app, that allows of the year with bad news around as “As they say Change is the customers to see and wear the an individual each looking towards the only constant, we jewellery virtually in the comfort of way of adding colours as they remind at Archana Aggarwal, their homes. us about beautiful aspects, seeing Jewellery Designer, Jewellery designs will be colours brightens our mind, body and driven by Sustainability soul, vibrant hues and experimental Archana Aggarwal Talking about jewellery trends colours would be future.” Timeless Jewellery Archana says, “Jewellery designs keep on evolving and innovating will be driven by sustainability in Further adding about plan to reach ourselves\" believes Archana Aggarwal, the near future. Post lockdown, we out masses with latest designs and Jewellery Designer. Informing about will see a more focused consumer futue business prospects she says, how she spent her lockdown she says, and customer-driven industry. We “We need to broaden our segment to “I am glad to have used the lockdown are all excited to showcase our new global luxury we are planning to come period productively. Whether up with eShop, as online retail is the sketching or developing new themes, future. We are also signing up with me and my team have been in regular online exhibitions and promoting touch through interactive sessions. self at social media. Additonally,

84 SPECIAL REPORT THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 collection on social media and at our time now than ever before in actually flagship store, which is now open, speaking to our clients.” Sharing her plan to reach out masses with all the precautions and guidelines with latest designs Sangeeta says, in place.” “Stronger Brand building, great “As far as e-commerce is concerned, logistics, and of course Artificial it has made the world a much Working on stylish jewellery Intelligence technology in virtual smaller place. All you need is a fully Amid lockdown Sweta trials of jewellery is what I am functioning website and you can cater Saraf, Creative Director, planning on,” she adds.” to a global audience without much of Sweta S Fine Jewellery an investment. The entire process of is working on specific ’Investment Pieces’ will be promoting and selling products has projects of clients from trending in times ahead become cheaper, faster, and easier. We would be focusing on all of these to India and overseas. Also new design As per Sweta there seems to be a reach out to the masses with the latest focus is on contemporary, lightweight, consensus that jewellery which can be designs.” stylish jewellery. She adds, “I had worn often, so pretty contemporary launched a new collection \"Nihaara' wear but stylish. She says, “No bridal “As far as consumer behaviour is or heavy pieces for next few months. concerned, the spending as well as during IIJS and I was inspired by But solitaires specially bigger pieces shopping patterns of the consumers the whole look and feel of untreated are now more desired by people. is going to change completely, post coloured gem stones and their Also,\" investment' pieces so be it lockdown,” states Sangeets. Further inherent beauty. I am developing it antiques, or fancy coloured diamonds adding about chaing business further.” I expect will be trending in the scenarios for instance she says, coming times.” “Brick-and-mortar stores will have “Social media like Instagram and to be swiftly replaced by e-commerce Facebook are major marketing Konark collection inspired channels. Brands will have to turn to platforms,”states Sweta. Informing from the monuments of digital clienteling to keep up demand about new ways to reach people East & South India during and post lockdown and quickly with her latest designs and future adopt e-commerce as more and more business plan She adds, “For our own Very interesting customers are ordering online. We clientele, they like to be approached thing is that Sangeeta already have an infrastructure in on Watsapp. We also spend way more place for ecommerce and now we are Boochra, Jewellery improving on that to make it more user friendly.” Designer and Mananging Director, Silver Centrre and Sangeeta Boochra is working on Konark collection, which is inspired from the monuments of east and south india which includes the archeological sites of hampi, temples in Orissa , Andhra Pradesh and Tamil Nadu. She is bringing these huge temples and structures on jewellery with 3d effect making them into earrings, necklaces and rings. The pieces would look as real as a temple or a structure with finest craftsmanship and a lifetime warranty., Sangeeta Boochra never sketches, never sketched that is the beauty of her designs.

THE ART OF JEWELLERY GUEST ARTICLE 85 VOL 19 ISSUE 6 | JUNE 2020 India Good Delivery (IGD) Rules For Gold Bar For all these years, there was to Bureau of Indian Standard (BIS) for already appointed IBJA to carry out complaint from Jewellers their approval. Technical and financial Audit of Such regarding purity of Gold Bars However, the battle was not easy as it refiners who will produce IGD for in our country. IBJA as a prudent took almost 30 months to convince gold bars in terms of NABL and BIS body decided to look in to this matter BIS for need of IGD. Finally, BIS laws. and it was found that many Gold bar accepted the draft submitted by Once, these IGD roll out in the Produced in the country float out above committee in toto. Thereafter, Commodity exchange, there would of non NABL and non-BIS certified BIS notified standard IS 17278:2019 be clear distinction between exchange refiners. The Purity of these bars have for delivery of gold applicable tradable gold bars and non-exchange been compromised by Such illegal from 28th December 2019 vide its gold bars. It is needless to mention refiners which is not only damaging notification dated 15th January 2020. that there will be zero tolerance in the reputation of the industry but also This notification sets the standard terms of purity of these approved damaging jewellery manufactured by for purity, form, provenance of gold refiners whose gold bars will be the jewellers. IBJA received numerous bars and the way in which they are allowed to be traded on the exchange. complaints regarding such gold bars. manufactured and delivered. The This would completely resolve the Various meeting was held with Gold technical specification in terms of issue of impurity of gold bar and there bar producers and it was noted that Purity, Fineness, Shape and size etc. would be an authority also to decide there is no effective law in the country were specified in the IGD. in case of any deviation. to punish such gold bar producers who are compromising on purity of gold bar. Once this approval was received, This would also lead to zero discount IBJA as a part of product advisory on these exchange tradable bars We at IBJA, always wanted a committee and Gold standard and would put others non exchange permanent solution to this problem. committee of the various exchange tradable bars at huge discount. This To find solution to these problems a enforced that IGD is accepted by will gradually end the market of committee was formed in year 2017 the Commodity exchange. Till then, gold bars made locally which are not under the banner of IBJA which only LBMA approved gold bars were tradable on the exchange as we are consist of following organisation. accepted at the Exchanges in form all set to see new era of India good of delivery. Other Gold Bars, which delivery. a. World Gold Council were not of LBMA standard were not These standards will also reduce our b. India Gold Policy Centre accepted by the exchange as they were dependence on imported Gold and c. Association of Refiners not comfortable with purity standard gradually we will see that even banks d. Indian Association of Hallmarking and other KYC requirement of Indian are accepting and delivering IGD e. Commodity Exchanges Refined gold. gold Bars. This would even help Gold f. Bullion Banks The matter was referred to Securities Monetization to great extent and also exchange Board of India by various make way for export of gold bar from Various meeting was held and it was exchanges apart from IBJA. The our country. decided that on the line of London webinar meeting held by SEBI officials Bullion market Association (LBMA), and IBJA during lockdown also raised C A Surendra Mehta we should come out with Indian this issue and that probably convinced Gold standard (IGD) for gold bars them with IGD and exchanges were National Secretary, and submit the same for industry given go ahead to accept IGD as per India Bullion and Jewellers comments. The draft for IGD was refiner’s standard set out by respective prepared on line of LBMA approved exchange. Association Ltd. (IBJA) gold bars and it was sent to all So eventually, Exchanges are now stakeholders for their comments. The ready to accept IGD subject to refiners suggestion and comments received on Audit. Some of the exchange have such draft was duly incorporated in the final Draft and the same was sent

86 GUEST ARTICLE THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 Factors that decide the spiritual positivity of a mangalsutra Mangalsutra – A typical jewellery worn by a married Hindu result, all three shaktis (Note) are woman; it is a symbol of her marital status and worn till imbibed by the woman. her husband’s death. The mangalsutra is placed around the neck of the bride by the bridegroom during the marriage Note : Everything that happens ceremony. A married woman wearing a mangalsutra earns her in the Universe, be it tangible or due respect from society. Presently, various trendy designs intangible (Subtle – that which is of mangalsutras are in vogue. However, a mangalsutra is beyond the comprehension of the not just an item of jewellery. Every component of a sattvik five senses, mind and intellect), mangalsutra imparts spiritual benefits to the woman wearing requires some energy. The energy it. Hence, choosing the right design of the mangalsutra is in the Universe is of 3 types – important. Ichha-shakti, Kriya-shakti and Jnan-shakti. The corresponding 1. Importance of wearing a mangalsutra subtle-energies in man are Energy Mangalsutra is a medium of binding a husband and wife in of the sattvik mind, Energy of the sattvik intellect and Energy a lifelong bond of marriage. The words ‘Mangal’ and ‘Sutra’ of the sattvik ego. In brief, the desire for all our actions is together imply that ‘This sutra is mangalkari (Auspicious)’, fueled by Ichha-shakti. Kriya-shakti is required for the actual hence the name. actions. Jnan-shakti comes into play for the spiritual cause- effect relation behind the actions. Ichha-shakti is the most A. The mangalsutra continuously makes a woman aware of inferior and Jnan-shakti is the most superior among the 3 her duties, responsibilities and rules. This way, she is helped energies. in avoiding adulterous behaviour, remaining within limits, and thus abiding by Righteousness (Dharma). 2. Traditional mangalsutras from different regions of India B. Realisation that a woman who wears a mangalsutra is married, and she should be given due respect, is also an There is a wide diversity in traditional mangalsutras across objective of the mangalsutra. Thus, the mangalsutra was India. In a few areas such as Bengal and Udisha, as also created to restrain and control the unbridled behaviour of among the Sikh and Marwadis, there is no specific tradition society. of wearing a mangalsutra. A few examples of traditional mangalsutras unique to a particular region are given ahead. C. The mangalsutra is the symbol of the bond of union between Shiv (Husband) and Shakti (Wife). In this, the gold Karnataka Andhra Tamil Nadu Kerala itself symbolises Divine Energy (Shakti), while the intricate Pradesh weave that ties the black beads symbolises God Principle (Shiv). 3. Factors that decide the sattvikta of a mangalsutra D. The mangalsutra has two small cups. The specific shape 3 A. Length of the cups facilitates the generation of attraction waves in Ideally, the length of the mangalsutra such that it reaches their void. Hence, when compared with any other jewellery, the woman’s Heart chakra (Anahat-chakra), that is, middle Divine Principle is attracted towards the mangalsutra in of the chest is desirable. When a married woman wears a greatest proportion. mangalsutra, the Divine Consciousness (Chaitanya) that emanates from it enters her Anahat-chakra and through it, E. The mangalsutra placed around a woman’s neck is the it enters her body. Hence, her body becomes pure and there Shakti bond. is an increase in Sattva-predominant (Sattvik) thoughts of The left side of the mangalsutra imbibes and emits the Energy of will (Ichha-shakti), the middle portion imbibes and emits the Energy of action (Kriya-shakti) and the right side imbibes and emits the Energy of knowledge (Jnan-shakti). As a

THE ART OF JEWELLERY GUEST ARTICLE 87 VOL 19 ISSUE 6 | JUNE 2020 bond between a husband and wife. Some women ‘Abiding by Righteousness in daily life’, that is, Dharmacharan. prefer to add gold beads in She becomes aware of her duties and responsibilities in between the black beads. marriage and is able to abide by conjugal fidelity or ‘Pativrata This arrangement is more Dharma’ properly. beneficial from a spiritual perspective. 3 B. Cups These days mangalsutras with various trendy designs of 3 C1. The two strings denote the ‘cups’ are available in stores Shiv and Shakti Principles. to suit the tastes of modern When Shiv and Shakti are women. However, from a merged, Chaitanya is imbibed. This leads to a spiritual perspective, it is best successful married life. The cups which serve as a that the cups be spherical golden link between the two strings of the mangalsutra and without any design on depict the merging of Shiv and Shakti. its surface. 3 C2. The shape created in one segment of the two strings This is because of the following reasons. of black beads is rectangular and attracts the waves of Ichha-shakti. This shakti helps carry out the woman’s 1. The spherical shape is associated with ‘Zero’, that is, tasks in worldly life and fulfils her desires. Brahman (God-Principle). Hence, its ability to imbibe and emit waves of various requisite Principles (Tattvas) 3 C3. The two strings of the mangalsutra are divided into as per the need of the woman is greater than that of seven sections on each side, each having nine black any other shape. beads. These seven sections symbolise the seven chakras in the body, and the nine black beads in each 2. The plain surface (with no design) of the cups and the section denote the nine forms of Primal Energy (Adi- beads of the mangalsutra does not obstruct the ability shakti). of the gold to imbibe and emit Tej-tattva and Chaitanya from the universe. It also contains higher proportion of 3 C4. A quadrangular design comprising four gold beads manifest-unmanifest (Sagun-nirgun) Principle. Hence, connects any 2 sections. The radiant quadrangle the woman is able to get spiritual benefit for a longer so created stores within its void the kriya-shakti of duration, which keeps her protected from the attacks the universe in a concentrated form. This keeps the of the subtle negative energies that intend to cause her Shakti-Principle in the woman constantly activated harm. and protects her from attacks by negative energies. 3. Each cup is connected with two gold beads on both 3 D. Oval shape in the center of the mangalsutra sides with a flower with four petals in between. The The oval shape created in the middle of the circular four beads signify the 4 Purusharthas – Dharma, Artha, Kama and Moksha and the 2 cups signify Shiv and formation of the mangalsutra helps the woman imbibe Shakti. kriya-shakti in an inactive form. This shape performs the task of awakening the Sushumna-nadi in her and it 4. The design of the flower with four petals in between helps the prakruti in the form of woman to unite with the beads enables swift emission of kriya-shakti Shiv Principle in the form of man, and thus aids in the vibrations through the petal tips. This helps in creating woman’s spiritual growth. a protective sheath around the Anahat-chakra. These kriya-shakti vibrations concentrate in the spherical 4. Spiritual benefits of a sattvik mangalsutra beads around the flower and are capable of acting At the Maharshi Adhyatma according to the need of the woman. This arrangement Vishwavidyalay, we have a of the mangalsutra is highly effective in attracting the team of researchers with an sagun Principle. advanced sixth sense. They can perceive in the subtle 5. One cup, the two beads above it and the four-petalled and draw accordingly. The flower joining them creates a traingular shape. This pictures are then checked shape is associated with the Energy of Creation in the and corrected by H.H. (Dr) woman. This keeps the capacity of creation active in Athavale, the founder. Then, the woman. Thus the ‘loving’ aspect of the woman is a digital version of the maintained. pictures is prepared. We have presented a few such digital pictures of various jewellery in some of the earlier issues of this magazine. 3 C. Two strings of black beads strung in a gold wire Two gold wires with strings of black beads signify the

88 GUEST ARTICLE THE ART OF JEWELLERY 5. Spiritual benefits of wearing a Kanthamani VOL 19 ISSUE 6 | JUNE 2020 Kanthamani, also called ‘muhurtamani’, is a single substitute for mangalsutra. A sattvik gold chain has its own string of black beads woven subtle benefits. Please refer to our article in the May 2020 in a cotton thread with a single issue of this magazine for details. However, the mangalsutra plain spherical gold bead in the is more beneficial in the case of married women. The specific middle. It is worn around the pattern of a sattvik mangalsutra awakens the Shakti-tattva in Vishuddha-chakra along with the woman. The black beads strung in gold wire attract the the gold mangalsutra (which distressing energies and Raja-Tama components from the is worn upto the Anahat- woman and the environment. The gold beads and the gold chakra). Kanthamani keeps the Vishuddha-chakra activated wire eliminate such non-desirable components (Please refer constantly because of the Tej-tattva that is attracted from to section 4). This is akin to wearing a talisman around the the universe towards the gold bead. neck. The black string of the talisman attracts the distressing energies, and the vibhuti in the talisman eliminates them. In 6. Spiritual benefits of sleeping while the mangalsutra, the task of the black string is performed by wearing a mangalsutra the black beads and that of vibhuti by the gold. Hence, the protection is higher for a woman. Since the attacks by negative Some women find it relaxing to remove all jewellery, including energies are absorbed by the mangalsutra, the woman’s body mangalsutra before going to bed. However, from a spiritual remains protected. standpoint, it is detrimental. As apparent from the points discussed above, a mangalsutra protects a woman from 9. A mangalsutra is not a piece of fashion jewellery ! attacks by subtle negative energies. The negative energies A mangalsutra is not just a piece of fashion jewellery are more active during the night hours. Hence, removing the signifying one’s marital status. mangalsutra before going to sleep, makes it easier for subtle Lack of awareness about its negative energies to attack the woman. The negative impact spiritual benefits has led to a may not be instantly apparent, but in the long run, the woman trend of asattvik mangalsutra is affected adversely. designs. Such asattvik designs not only deprive the woman of 7. Spiritual root cause of breaking of a mangalsutra the spiritual benefits, but at worse We often see our jewellery breaking or becoming black or can be spiritually detrimental. One getting lost. This could be due to spiritual causes. We have example of an asattvik mangalsutra covered some spiritual root causes behind unexplained is a mangalsutra bracelet. damage to one’s jewellery and steps of spiritual purification in the October 2019 issue of this magazine. (In our article in the May 2020 issue of this magazine, we had presented a pilot study using a modern scientific equipment, However, when it comes to unexplained breaking of a the Universal Aura Scanner, of the effect of wearing jewellery mangalsutra, negative energies play a part in almost in the wrong place on our body. The said experiment was a 50% of the cases. A mangalsutra is a ‘Soubhayalankar’, a comparative study of effect of wearing gold chain around neck jewellery associated with the woman’s soubhagya, that is, and around the ankle (as an anklet). It was described under husband. Hence, distress due to spiritual root causes faced point 7 of that article.) by the husband becomes evident on the mangalsutra. The actual cause can be perceived only through advanced sixth In the next issue, we will share spiritual perspectives on sense. However, in every instance of unexplained damage jewellery worn on hands. to mangalsutra, one can pray, ‘O God, please protect my husband and me from the attacks of subtle negative energies’. His Holiness Dr. Athavale Dr. (Mrs.) Nandini In a broken mangalsutra, the black beads are charged Samant with distressing energy. Hence continuing the use of that Founder, Maharshi Adhyatma mangalsutra is detrimental. If possible it is best to replace it. Vishwavidyalay (Maharshi Spiritual Maharshi Adhyatma Vishwavidyalay If not, then the woman can regularly pray for protection and University) research team member, Goa. purify the mangalsutra by keeping it in the sun for 5 minutes and then applying vibhuti on it. It is also important to regularly Maharshi Adhyatma Vishwavidyalay purify the mangalsutra at a spiritual level to keep deriving the spiritual benefits. a one of its kind university 8. Wearing a gold chain instead of a mangalsutra Objective: To explain the importance of Spirituality to society by using modern scientific equipment In some regions of India, women wear a gold chain as a Research team: 38 years of experience in spiritual research Scope: 1. Research on over 2,250 topics on Hindu achars, religious rituals, astrology, art, Divine objects, etc. 2. Invaluable research on spiritual healing remedies Research papers: 1. 63 research papers presented in 15 National and 48 International Scientific Conferences from October 2016 to February 2020 2. ‘Best Paper’ Awards in 4 International Conferences For more info, contact : 9561574972 | Email : [email protected]

The Art of Jewellery fathers day A Tribute 89 Vol 19 Issue 6 | june 2020 HAPPY Father’s day BHIMA GOLD n PURE GOLD Known across the world as INDIA n UAE inheriting his legacy. You live in Bhima Bhattar, my father’s SINCE 1925 my heart, father. Happy Father’s actual name was Lekshmi Day! Narayanan. Born on 28 July 1994 movement which we, his children at Angathulu to Kuppana Bhattar support with pride to this day. By Dr. B Govindan and Mahalakshmi, he pursued He instilled values in all his his higher education at University children from a tender age. A Chairman, Bhima Jewellers College, Thiruvananthapuram, visionary who was ahead of the before starting his gold business times, he had a heart of gold. at Mulackal street, Alappuzha. He passed away in 16 December He was also the Founder and 1985, leaving a huge void in President of All Kerala Thulu my life. In recent years, I have Brahmins Association. He was a come to understand that he lives compassionate soul who helped on through the legacy that is many through Bhima Charities, a Bhima. As with every other day, on this Father’s Day, I cherish his memories and take pride in

9A0 taXGURU The Art of Jewellery Vol 19 Issue 6 | june 2020 FAQs on Taxes & Related Issues Dr. Suresh Surana, founder, RSM Astute Consulting Group, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers. Readers are encouraged to send in their questions and receive clarifications through this column. We are a Partnership engaged in the business We are a Listed Corporate engaged in the of manufacturing of Diamond Jewellery. We business of trading of gold and silver jewellery. understand that due to the COVID-19 crisis, the We have other group entities in different parts Government has provided certain extended timelines of the World engaged in the same business with whom to the taxpayers for making eligible investments under we enter into intra group financing arrangements. We Chapter VIA or u/s 54 to 54GB of the IT Act. In respect would like to know the applicability of interest rates as to the same, whether the investment threshold limit for per the Safe Harbour Rule wr.t. loans advance in Indian the said investments has been enhanced? Also, how do Rupees to such entities? we reflect the same in the Income Tax return? Safe Harbour Rules refers to the situations/circumstances in The due for making investments under Chapter VIA or u/s which the tax authorities shall accept the prescribed transfer price declared by the taxpayer to be at arm’s length. These 54 to 54GB of the Income Tax Act, 1961 (hereinafter referred rules are optional and provide the transfer price/minimum operating margin a tax payer may declare for certain to as ‘The Act’) has been extended from 31 March, 2020 to 30 categories of transactions. June 2020. In accordance with the same, the newly notified CBDT has recently notified the Safe Harbour Rules for AY 2020-21. The interest rate declared in relation to the eligible income tax return provides for the periodic details of international transaction is not less than the one-year marginal cost of funds lending rate of State Bank of India as investment made as follows: on 1st April of the relevant previous year plus basis points as mentioned below: i. Investments made upto the period of 31 March 2020 and ii. Investments made from 1 April 2020 to 30 June 2020. • 175 basis points, where the AE has CRISIL credit rating between AAA to A or its equivalent. The investment details would be required to be provided in the Schedule – Detailed Investments (‘DI’). Also, it is worthwhile to note that there is no increase in the threshold limits for the investment despite of extension of time limit of investments.

The Art of Jewellery taXGURU 91 Vol 19 Issue 6 | june 2020 • 325 basis points, where the AE has CRISIL credit rating of classification would prevail for MSMEs: BBB-, BBB or BBB+ or its equivalent. Also, it is pertinent to note that turnover with respect to • 475 basis points, where the AE has CRISIL credit rating exports will not be counted in the limits of turnover for any between BB to B or its equivalent. category of MSME units whether micro, small or medium. Thus, in order for any organisation to fall within the • 625 basis points, where the AE has CRISIL credit rating definition of MSME, it has to simultaneously fulfill both the between C to D or its equivalent. Investment as well as Turnover Criteria. • 425 basis points, where credit rating of the AE is not We are a domestic company with manufacturing available and aggregate amount of loan advanced to all business of diamonds. Since manufacturing of AEs as on 31st March of the relevant previous year < diamonds involves assignment of the said work Rs.100 crore. to various contract labourers, we would like to know the TDS to be deducted on payment made to such labour We are an Indian entity engaged in the trading contractors and if there has been any revision in the said and manufacturing of Gems & Jewellery. We rate? have not yet filed the return for FY 2018-19 and would like to know about the due dates, Payments made to contractors are liable for TDS deduction including extension if any, applicable for income tax u/s 194C of the Act provided the said payment is likely to return filing for the said year and also for FY 2019-20? exceed a threshold limit of Rs. 30,000 for single transaction or Rs. 1,00,000 p.a. TDS on such payments is liable to be The Government had passed ‘The Taxation and Other Laws deducted at the rate of 2% (except 1% in case the payment is (Relaxation of Certain Provisions) Ordinance 2020’ on 31 made to an individual or HUF). March 2020 which provided certain relaxations and relief measures. As per the ordinance, the due dates filing returns However, CBDT issues a press release dated 13 May 2020, and other compliances falling within 20 March 2020 and 29 as per which the TDS rates for all non-salaried payment to June 2020 has been extended to 30 June 2020. As such, the residents, and TCS rates was reduced by 25% of the specified due date for filing income tax returns (belated and revised rates for the remaining period of FY 2020-21 i.e. from 14 May returns for FY 2018-19) was extended to 30 June 2020. Thus, 2020 to 31 March 2021. However, it is to be noted that this the belated return for FY 2018-29 can now be filed upto 30 reduced rate of TDS would not in any way affect the final tax June 2020. liability. Any deficit or shortfall has to be paid either by way of advance tax or self-assessment tax for the financial year The Government has now extended the due dates of all the 2020-21. income tax returns for the FY 2019-20 from 31 July 2020 and 31 October 2020 to 30 November 2020. Further, the due date Particulars Threshold for Rate at which Rate at which for tax audit has been extended from 30 September 2020 to Deduction Tax is to be Tax is to be 31 October 2020. Payment to Deducted (1 Deducted (14 Contractors Rs. 30,000 for April 2020 to May 2020 to 31 We are a Partnership engaged in the trading and u/s 194C single transaction 13 May 2020) March 2021) manufacturing of Gold Jewellery. Recently, we or Rs. 1,00,000 p.a understand that Government has announced 2% (1% for 1.5% (0.75% certain benefits for MSMEs. We would like to individual for individual know the criteria for being categorized as an and HUF) and HUF) MSME. Courtesy: RSM Astute Group (www.astuteconsulting.com) Kindly email your queries to [email protected] MSMEs are also known as Micro, Small and Medium Enterprises. The Government has recently revised the Dr. Suresh Surana is a practicing Chartered definition for MSMEs as per which organisations would be Accountant and specialises in International Taxation categorized as an MSME based on their Investment and Annual Turnover. As per the revised criteria, the following and Corporate Advisory services to multinational corporations besides Indian corporate houses. Amount in Rs. He can be contacted on: [email protected] Micro Small Medium 1 Crore Investment upto 5 Crore 10 Crore 50 Crore Turnover upto 50 Crore 250 Crore

92 Facts & Data The Art of Jewellery Vol 19 Issue 6 | june 2020 South Deep Gold The first mining production Carlin Trend Gold Africa. It is managed by Mine, South Africa – started at the Olimpiada Mine, USA (12.46 AngloGold Ashanti and 32.8 Million Ounces gold mine in 1996. Moz) is estimated to contain (Moz) Estimated to be around 26 gold reserve of 11.65 Moz. Moz, this mine is located in Carlin Trend gold mine It is to be noted that this In 1961, the mining the Krasnoyarsk region of is operated by Newmont underground gold mine is operations were started at Eastern Siberia, Russia and in Nevada, US with an also the deepest mine in the South Deep gold mine. is managed by the company estimated gold reserves the world with a depth of It is located 45km south- Polyus Gold. of 12.46Moz, including more than 4km below the west of Johannesburg in open-pit and underground surface. the Witwatersrand Basin, Lihir Gold Mine, reserves of 5.6Moz and South Africa and is the Papua New Guinea 4.87Moz respectively. Pueblo Viejo Gold largest gold mine in the (24 Moz) Mine, Dominican world with an estimated Boddington Gold Republic (10.92 Moz) gold reserve of 32.8 Moz. Lihir gold mine started Mine, Western production since 1997, it Australia (12.35 Moz) Pueblo Viejo mine with Grasberg Gold Mine, is located 900 km north- an estimated reserve Indonesia (30.2 Moz) east of Port Moresby in the The Boddington mine is of 10.92Moz is located New Ireland Province of operated by Newmount roughly 100km north- In 1988, Grasberg gold Papua New Guinea (PNG). and it has an estimated gold west of Santo Domingo in mine in the Papua The mine is operated and reserve of 12.35Moz. It is the Dominican Republic. province of Indonesia managed by the company located near Boddington, It is managed by the was discovered. With an Newcrest Mining. Western Australia and Pueblo Viejo Dominicana estimated reserve of 30.2 commenced its first open- Corporation (PVDC) Moz, it consists of the Norte Abierto Gold pit operations in 1987. which is a joint venture Grasberg open-pit and Mine, Chile (23.2 between Barrick Gold four underground mines, Moz) Mponeng Gold Mine, (60%) and Newmont namely DOZ, DMLZ, Big South Africa (11.65 Goldcorp (40%). Gossan and Grasberg Block The Norte Abierto gold Moz) Cave (GBC). mine, estimated to contain Cortez Gold Mine, 23.2Moz is located in the The Mponeng gold mine USA (8.7 Moz) Olimpiada Gold Atacama Region of Chile. is located near the town Mine, Russia (26 It is to be noted that the of Carletonville, South With an estimated gold Moz) Norte Abierto is a joint reserve of 8.7Moz, Cortez venture between Barrick gold mine is located at Gold and Newmont 100km south-west of Elko Goldcorp. in Lander County, Nevada, US. It is operated by Barrick Gold.

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94 advertorial The Art of Jewellery Vol 19 Issue 6 | june 2020 PPeeaarrll OnlOynrloyyraolytyalatyndanthdethweewalethaylthoyncoencweowreonreatnuartaulrpaelaprelsa,rblsu, tbtuhtethe devdeelvoeplmopemnteonft loafrglaergsecaslceapleeaprelacrullctuurltinugrinpgutptuhtetsheesloevleolvyely orgoarngiacntirceatrseuarseusreinsrienarcehacohf joefwjeewlleerlylearyficaifoicniaodnoasdoesveervyewryhwerhee. re. Four Types of Cultured PearlsA peaArlpiesaarnl iosragnanoircggaenmic tgheamt gthroawt gsrionwsisdeinssaidltewsaatletrwaantedr and Four Types of Cultured Pearlsfreshfwreastehrwmatoelrlumscosll.uNsactsu.rNaal tpueraarllpsefaorrlms fworhmenwahneinrraitnanirtritant enteresnatemrsolalumskolwluisthkowuitthhouumtahnumintaenrvinetnetriovnen. Ctiuolntu. Creudltured pearlpseaarrelsparoredupcreodduwciethd hwuitmhahnumintaenrvinetnetriovnen, wtiohne,nwahen a ThereThaererefoaurre tfyopuerstyopfecsulotfurceudltupreeadrlpse: aakrlosy:aa,kToayhai,tiTaanh,itian, SouthSoSuetahaSnedafarensdhfwreastehrw. ater. techntiecciahnniicmiapnlaimntpslaanntisrraitnanirtriitnaantminolalumsco.llusc. • Ako•yaAkpoeyaarlpsefaorrlms fionrsmalitnwsaatletrwmatoelrlumskoslluasnkdscaonmdecionme in NaturNaal tpueraarllpseaarrelseaxcreeeedxicnegelydirnagrley. rTahree.vTahset mvaasjtormitayjoorfity of whitew, chrietea,mcroeramligohrt gligrehyt.gSroemy.eShomavee hhainvteshoifnptsinokf oprink or pearlpsesaorllds tsoodldaytoadreaycuarlteurceudltupreeadrlpse. arls. greeng.rMeeons.t Makoosyt aakcouyltaurceudltupreeadrlpseaarrelscoamremcoemrcmialelyrcially produpcreodduinceJdapinanJaapnadnCahnindaC. hina. PearlP’selaorrle’silsoerequisalelyquaasllcyhaasrmchinagrmasintgheasgethme.gMeimdd. lMeiddle • Tah•itiTaanhpiteiaanrlpsefaorrlms fionrsmalitnwsaatletrwaantedrcaonmdecionmaeubineraguibneergine EasteEranscteurltnurceusltuonrecse obneclieevbeedliethveadt ptheaartlpsewaerlrsewteearredtreoaprsdrops purplpeu, rppelaec, opcekacgoreckengraenednvaanrdiouvasrtioonuesstoonfegsreoyf.grey. fallenfafrlloemn fhroemavehne.aTvheen.aTnhceieanntcCiehninteCsheinfaensceiefadntchieadt tthheayt they TheyTahreeyparirme aprriilmy caurilltyivcauteltdivaarteodunadrotuhnedistlhaendisslaonfds of camecfarmome ftrhoembtrhaeinborfaaindorfaagodnr.aCghorni.sCtohprhisetropChoelurmCobluusmbus FrencFhrePnoclhynPeosliyan. esia. and haisndcohnistecmonptoermarpieosratrhioeusgthhtouthgahttmthoaltlumscosllufosrcms efodrmed pearlpsefarorlms fdroemw ddreowpsd.rops. ©2018 GIA. GIA® is a registered trademark of Gemological Institute of America, Inc. ©2018 GIA. GIA® is a registered trademark of Gemological Institute of America, Inc.

The Art of Jewellery advertorial 95 Vol 19 Issue 6 | june 2020 • Sou•thSoSuetahpSeeaarlpseaarrelsfoaurnedfoinunsdalitnwsaatletrwaantedrcaonmdecome TheThGeIAG7IAP7eaPrelaVrallVuaeluFeacFtaocrtso™rs™ in silviners, iwlvheirt,ewahnidtegaonlddegno.lLdeeand. iLnegasdoinugrcseosuorcfeSsooufthSouth Sea cSueltaurceudltupreeadrlpseaarrelsAaursetrAaulisat,rIanldiao,nIensdioanaensdia and GIA uGseIAs usseevsensefavcetnorfascttooresvatolueavtaelaunadtedaensdcrdibeescribe the PthhileipPphinileipsp. ines. the qtuhaelitqyuoaflintyatoufrnaal taunrdalcaunltdurceudltupreeadrlpse. Tahrlesy. Tahree:y are: size, sshizaep, es,hcaopleo,ucro, lluosutrr,elu, ssutrref,ascuerqfaucaelitqyu, anlaitcyr,enacre • Fre•shFwreastehrwpaetearrlpseaarrelsuasruealulysucaullltyurceudltuinreladkienslaakneds and qualitqyuaanlidtymanadtcmhinagtc.hing. pondspoannddshaanvde haawveidae wraidnegeraonfgceoloofucrosl.oCuhrisn.aCahninda and the UtnhieteUdnSitteadteSstaarteesleaardeinlegasdoinugrcseosufrocresfrfeosrhfwreastehrwater To leaTronlemaornremaobroeutabpoeaurtlpseaanrdlsoatnhderopthoeprulpaorpguelamrsgteomnesstones culturceudltupreeadrlpse. arls. visit GvIisAi.teGduIA/.geedmu/-geenmcy-celnocpyecdlioapedia ColCooulrour PearlPbeoadryl cbooldoyrcvoalroiresvabryietshebytytphee otyfpmeoolflumscolilnuswchiinchwihtich it is forims efodr.mTheed.mThaienmboadinycbooldoyrcoofloarpoefaarlpiesaorflteisnomfteondimfieoddified by adbdyitiaodndailticoonlaolucroslocaulrlsedcaolvleedrtoovneerst,ownehsic,hwahricehtyapriecatyllpyically pink, pgirneke,ng,rpeuernp,lpeuorrplbeluoer.bSloume.eSpomeaerlpsesahrolswsthhoew the iridesirciednetspcehnetnopmheennoomneknnoonwknnaoswonraiesnot,rwiehnitc,hwahdicdhsatodds to the ovtheeraollvecoralollucro. lour. TreTartemaetmntesnts PearlPsemaralys bmeadyybeed,dcyoeadt,ecdo,abtleeda,cbhleeda,cfhileledd, foilrleidrroardiiarrteaddiated to enhtoanencehathnecier tlhuesitrreluosrtraeltoerr athlteeirr tchoeloirucro. Dloyuerd. Dcyueltdurceudltured pearlpseaarrelsuasruealulysudaeltleycdtaebtelectbaebcleaubseecathuesye ltohoeky alorotikficairatlificial to thetoutnhaeiduendaeidyeed. Heoywe.eHvoewr, edvyeerd, dpyeeadrlpseoafrllisghotfelrigthotneerstones can bceadnifbfiecudlitffticoudltetteocdt.etect. This aTrhtiicslearisticplreoivsidperdovbiydeGdIAby(GGeImA o(GloegmicoalloIgnisctailtuIntestoitfuAtemoefrAicma)e. rica). GIA.eGdIAu.edu Images Courtesy of: Mastoloni, Valerie Power Images Courtesy of: Mastoloni, Valerie Power LearLneaMronrMe oArbeoAutbGouIAt GEIdAuEcadtuiocnatPiornogPrraomgrmamesmaensdaLnadboLraabtoorraytoSreyrvSiecervsicinesInidniaIndia GIAiGnIdAiain.idnia.EinmaEilm: laaibl:inladbiain@[email protected]: eadilu: iendduiain@[email protected]

96 diamondtalk NEWS The Art of Jewellery Vol 19 Issue 6 | june 2020 Melania Trump upgrades her diamond engagement ring for a 25-carat rock IN BRIEF Melania traded up the 15-carat is not D Flawless, but of lower quality. Tiffany sees robust Graff diamond engagement This is the ring that Melania chose recovery in China ring her husband gave her before they to wear in her official White House wed in favor of “an even bigger and portrait. Tiffany & Co. reported a strong more expensive rock”. rebound in its operations in mainland China during April and The original piece – a premium May, after Covid-19 lockdowns D-color, FL, emerald-cut diamond resulted in heavy first-quarter ring – was bought and gifted before losses for the jeweller. the couple wed in 2005. Trump “While sales in key markets like joked at the time that he got 50% the US and Japan were down off for the rock, which according to significantly during the first estimates is worth about $3 million quarter, our business performance today.Now, Melania is sporting a new in mainland China, which was the gift, reportedly given to her for the first market impacted by the virus, couple’s 10th anniversary: a 25-carat is indicative that a robust recovery stone in a Graff ring worth about $3.5 is underway,” CEO Alessandro million. According to estimates, the Bogliolo said in the company’s ring – while significantly larger than earnings announcement for the Melania’s original engagement ring – first quarter ending April 30. Retail sales in China jumped 30% Chow Tai Fook Joins WFDB Board year on year in April and surged 90% in May, contrasting with weak The World Federation of Diamond values.”According to Yoram Dvash, figures for the previous two months, Bourses (WFDB) is inviting key Acting President of the WFDB, the the company said. Sales plummeted players in the global diamond and Federation’s goal should not be only 85% in February and fell 15% in jewellery industries to join its ranks, to protect the interests of the diamond March. in an effort to expand the influence bourses and their members, but to China was the first major center and the relevancy of the organization, lead and promote the world trade in to see a rebound following the which was founded in 1947 diamonds and diamond jewelry and pandemic, with stores on the specifically to protect the interests of to encourage cooperation among mainland beginning to reopen at diamond bourses and their members. all of the parties involved in these the end of February. Chow Tai Fook Jewellery Group is industries. one of the first organizations to join the WFDB. Albert Chan, Executive Director of Chow Tai Fook, has been appointed an Observer on the WFDB Executive Committee. He said, “It is such an honor and a real privilege indeed to be invited into the WFDB family, with whom Chow Tai Fook shares identical core

The Art of Jewellery diamondtalk NEWS 97 Vol 19 Issue 6 | june 2020 Rapaport’s ‘State of the Diamond Industry’ address IN BRIEF Creating a special connection acquisition and development,” even SDA, GJEPC urge with the customer can help through digital means, he said. traders not to assemble diamond sellers during the era of in diamond markets online commerce, Martin Rapaport The session, which usually takes explained in his annual “State of the place during the JCK Las Vegas show, The Surat Diamond Association Diamond Industry” address. featured a special presentation by (SDA) and the Gems and Jewellery Tracey Ellison, whose Instagram Export PromotionCouncil (GJEPC) Speaking via a webinar due to the account, TheDiamondsGirl, has more have appealed the diamond coronavirus pandemic, Rapaport than 719,000 followers. She described merchants not to assemble at market noted that the rise of online how she connected with the public by in Varachha’s Mini Bazaar to contain sales brought both threats and expressing her personality on social the spread of coronavirus. opportunities for the sector. But media. The industry leaders have asked “the key to your success is customer merchants to make maximum use of the social media platform to connect with each other, thereby avoiding visit to diamond markets for their own safety. Rough sales may fall up to 40% this year Hundreds of merchants had gathered Rough-diamond sales will drop at the Varachha diamond market on by 30% to 40% this year as diamond jewelry suffers, with the Tuesday. Following the intervention category’s reliance on brick-and- of the police and the civic body, the merchants vacated the market. Covid-19 restrictions have shut down mortar retail compounding the President of SDA, Babu Kathiriya told the global supply chain, Moody’s situation, Moody’s said. TOI, “From last two days, diamond Investors Service projected. merchants are gathering at the Varachha diamond market and the The market won’t recover until the While China has reopened, shopping- social distancing norms have gone for second half when social-distancing mall traffic is at 60% to 70% of pre- a toss. Part of Varachha is still under rules become looser, the ratings coronavirus levels. In the US, it will containment and we don’t want the agency said last week. As a result, take at least three to five months virus to spread further.” global rough revenues will decline to for footfall in malls and at jewelry between $7 billion and $8 billion for retailers to return to normal, the 2020 amid lower sales volumes and group forecast. prices, compared with an estimated $12 billion in 2019, it added. Manufacturers will import fewer rough diamonds and export less polished as consumer demand for



Your Survival is On THELine Be where your customers are. www.rapnet.com/go-digital

100 diamondtalk NEWS The Art of Jewellery Vol 19 Issue 6 | june 2020 Alrosa sells 102 of 800 rough diamonds at Biggest Online Sale IN BRIEF Alrosa's long-term clients bought Rapaport partners with 102 of more than 800 large rough jewellers for children diamonds offered in the company's in $100,000 fund biggest ever digital tender. raising drive - 'double down for the kids’ The remaining stones will now be The remaining stones will now be made available to other customers to offered in a second digital tender. The Rapaport Group and select from 5-10 carats batches. Jewelers for Children are Evgeny Agureev, deputy CEO, said, working together to raise $100,000 For the first time, the Russian state- \"The results of the digital tender's first for the charity. Under the program owned miner sold diamonds online round show that demand for rough entitled ‘Double Down for the Kids’, from boxes, piece by piece, in response diamonds persists at the market, and Rapaport will match the first $50,000 to COVID-19 restrictions. our clients are ready to buy diamonds donated to Jewelers for Children. through the online channel. It provided prospective buyers with “This initiative is a great opportunity 3D-scans data detailing each stone's \"To the second round of the digital for members of the jewelry trade to external shape, internal inclusions, tender, we have additionally invited have their donations doubled. While color and fluorescence during the first our spot and auctions partner we recognize these are challenging round of the online sale, from 15 to companies.\" times for the industry it is even more 29 May. challenging for children at risk.” Said Debra Puzio, Board Chair of India's Diamond Industry hit by 2% online sales tax Jewelers for Children. India's diamond industry, already reeling from COVID-19, has India's cutting and polishing industry, “We encourage everyone to donate been dealt another blow, with the which accounts for over 90 per cent of to JFC at this critical time. Now, introduction of a two per cent online more than ever, we must keep our sales tax. diamonds worldwide, employs close commitment to the children. The to a million workers, and has been kids need us and we must double decimated by over two months of down on our efforts to help them.” Said Martin Rapaport, Chairman of The so-called Equalization Levy lockdown inactivity. the Rapaport Group. will be applied to all sales made by Under the terms of the Equalization any foreign e-commerce operator Levy, the e-commerce operator is - including suppliers of rough or responsible for making quarterly polished diamonds - to any resident payments to India's tax authorities. or business in India. The government is keen to ensure it gets its share from online trade, especially at a time when COVID-19 restricts travel and face-to-face transactions. But it will cause further trouble for